Amid Government Shutdown, Senate Committees Accelerate Work on Market Structure Bill
The U.S. Senate continues to press forward with discussions on the highly anticipated market structure bill, even during the longest government shutdown in U.S. history. Senators are using the downtime to engage in detailed policy planning, highlighting the significance of this legislation in shaping crypto oversight and finance regulations.
Key Players Driving Bipartisan Efforts
Senator John Boozman of the Senate Agriculture Committee and Senator Cory Booker have taken the lead in fostering bipartisan cooperation. Together, they aim to refine the market structure bill and secure enough votes for its passage. Senator Cynthia Lummis, one of the bill’s key sponsors, stated that staffers are working daily to address technical sections and ensure broader support. She emphasized the need for cooperation between committees and the crypto industry as essential stakeholders.
Impact of the Shutdown on Progress
While the ongoing 36-day government shutdown has introduced logistical and operational delays, it has also created opportunities for open discussions. Agencies such as the SEC and CFTC are operating with reduced staff, slowing interagency communication but allowing industry experts and lawmakers to collaborate more directly.
Patrick Witt, Trump’s digital assets council director, highlighted the unique chance the downtime has provided for senators to engage with industry leaders and refine the bill’s objectives. “We’ve used this time to focus on the bill’s definitions, enforcement frameworks, and viable oversight mechanisms,” Witt said during a speech at Ripple’s Swell Conference in New York.
Challenges and Tight Deadlines
Despite progress, challenges persist regarding provisions for decentralized finance (DeFi). Democrats are calling for stronger language on oversight, a sticking point that has slowed broader agreement. Both the Senate and the White House are working against tight deadlines, as midterm election campaigns begin early next year. Republican Senator Thom Tillis pointed out, “The goal is early passage before February to avoid the bill losing bipartisan momentum amidst campaign season.”
Looking Ahead: High Stakes for Crypto Policy
The market structure bill represents a foundational effort in solidifying crypto policy within the U.S. Discussions remain centered on trading rules, agency jurisdiction, and regulatory clarity. With shifting timelines and a bipartisan commitment to effective frameworks, the bill’s success will set critical precedents for digital asset governance.
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