TLDR
The Senate Banking Committee has postponed the crypto market structure markup. It will not happen in 2025 and is now targeted for early 2026 per a committee spokesperson in a Politico report.
- Confirmed delay: the committee looks forward to a markup in early 2026 per Politico.
- Multiple outlets report no markup this week or year, with timing moved to 2026 in crypto.news.
- The Agriculture Committee has not scheduled its own markup, also pointing to 2026 in crypto.news.
Deep Dive
1. Confirmed Delay
A Senate Banking Committee spokesperson said the panel is continuing to negotiate and looks forward to a markup in early 2026, confirming the push beyond 2025 in a Politico report.
This reflects bipartisan talks that have not wrapped before the holiday recess, and a choice to avoid a rushed vote that could complicate a complex framework intended to split oversight between the SEC and CFTC, as summarized in crypto.news.
plan for early 2026 windows rather than this month; any legislative catalysts tied to the markup will likely shift into next year.
2. No 2025 Markup
Outlets covering the process report the committee will not hold a markup this week, with the schedule now aiming at early 2026. That includes clear language that the committee ran out of calendar time and will revisit the bill after recess in crypto.news.
Drivers cited include unresolved issues on jurisdiction (SEC vs CFTC), consumer protection, DeFi treatment, and ethics provisions, which pushed negotiations past the remaining 2025 legislative days per the reporting in Politico.
near?term U.S. regulatory clarity on market structure will not arrive in December. Market narratives linked to markup this week should be treated as stale.
3. Agriculture Side
The Senate Agriculture Committee, which oversees the CFTCs remit, also has not scheduled a markup, signaling its session will be deferred to 2026 in crypto.news.
Because both Banking (SEC) and Agriculture (CFTC) tracks must advance, the lack of synchronized scheduling reduces the odds of comprehensive movement in 2025, as noted in crypto.news.
expect staggered committee timelines next year; comprehensive market?structure legislation requires both tracks and will likely proceed in early 2026.
Conclusion
The Senates crypto markup has slipped beyond 2025, with a stated target of early 2026 driven by unresolved bipartisan issues and limited calendar time. This pushes legislative catalysts into next year and keeps U.S. market?structure clarity on hold until the Banking and Agriculture committees resume and align their efforts.
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