US crypto market structure bill faces deadline

TLDR

The main US crypto market structure bill is under tight political timelines that could decide whether it passes in the coming months or slips into the future.

1. Senator Bernie Moreno has set an informal 90?day window, aiming to get a comprehensive market-structure bill passed by the end of April.
2. The core bill, often called the CLARITY Act, would formalize how the SEC and CFTC oversee digital assets and set rules for exchanges, tokens, and stablecoins.
3. Sticking points like stablecoin yields and developer liability could still derail the schedule, with some analysts warning delays could push major reforms into late 2026.

Deep Dive

1. What The Deadline Really Is

At the World Liberty Forum, Senator Bernie Moreno said Congress needs to pass comprehensive crypto market structure legislation within about 90 days, hopefully by the end of April, to keep momentum alive and avoid the bill stalling in election-season politics. This effectively creates a spring 2026 target window rather than a hard legal deadline.

The White House has separately set a late February deadline to broker a compromise between banks and crypto firms on stablecoin yield rules, because that dispute is blocking the broader bill. If that compromise slips, it narrows the remaining time to move legislation before midterm campaigning dominates the calendar.

CFTC Chair Mike Selig has described the crypto market structure bill, commonly referred to as the CLARITY Act, as about to be signed, framing the end of the current month as a critical moment for negotiations to converge.

2. What The Market Structure Bill Would Change

The Digital Asset Market Clarity Act of 2025 (the CLARITY Act) has already passed the House and is now the backbone of Senate work on market structure. It aims to clearly split responsibilities between the SEC and CFTC in US spot crypto markets, reducing the current reliance on case-by-case enforcement.

For crypto users and businesses, the bill seeks to define when a token is a security versus a commodity, set consistent rules of the road for exchanges, brokers, and issuers, and provide a more predictable compliance framework for trading, listing, and custody. A related Senate bill on digital commodity intermediaries is being framed as building on this House text rather than replacing it.

3. Sticking Points And Scenarios To Watch

Two fights are central to whether the bill meets its deadlines. First, banks and crypto firms remain split on whether stablecoin platforms can offer yield on balances, with banks warning about deposit flight and crypto groups arguing yield is essential to innovation and dollar competitiveness. The White House is actively mediating this issue with a self-imposed late February compromise target.

Second, the Senate Judiciary Committee is pushing back on a liability shield for software developers that would protect open-source coders when others misuse their code. Advocacy groups argue that removing this protection would chill US-based DeFi and smart contract development, but keeping it may slow the bill. Some observers warn that, without resolution, major market structure legislation could slip into late 2026.

Key signals to watch are: White House announcements on a stablecoin yield compromise, Senate Banking and Agriculture committee markups, and any floor-scheduling hints.

Conclusion

The US crypto market structure bill is entering a narrow political window where high-level agreement on stablecoin design and developer protections will determine whether the CLARITY-based package becomes law this spring. For crypto users and builders, the next few months are likely to decide whether the US shifts from regulation by enforcement toward a clearer rulebook, or remains in a prolonged gray zone that keeps pushing activity offshore.