US Senate Delays Crypto Market Structure Bill Markup to Late January

Highlights:

• The Senate Agriculture Committee delayed the crypto bill markup to allow more time for bipartisan agreement.
• Tre crypto market structure bill negotiations continue to focus on stablecoin yield limits and DeFi oversight rules.
• The parallel Senate proposals may influence the bill’s timeline as lawmakers weigh political and regulatory risks.

The Senate Agriculture Committee has moved the crypto market structure bill markup to the last week of January. Chairman John Boozman said lawmakers need more time to build bipartisan support. He said recent discussions showed progress but left several issues unresolved. As a result, the committee chose to delay action.

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The U.S. crypto market structure bill was delayed again, with the markup pushed to the last week of January 🕒. That means regulatory clarity is still on hold.

— Xenorize (@xenorize) January 13, 2026

The committee oversees the Commodity Futures Trading Commission, which would gain clearer authority under the bill. Lawmakers want firm boundaries between the CFTC and the Securities and Exchange Commission. However, disagreements remain over how those responsibilities should be split. These gaps prevented lawmakers from finalizing the text.

The original markup was scheduled by the committee to coincide with the Senate Banking Committee. That strategy was intended to demonstrate consistency between Senate committees. Nonetheless, Boozman warned that rushing the bill would dilute its backing.

Lawmakers had several meetings during the last weekend to narrow the differences. Boozman noted that such discussions have assisted in clarifying positions on various sections. Nevertheless, he noted that some details still need to be drafted carefully. The committee will keep on negotiating until the revised markup date.

Chairman @JohnBoozman reports progress in bipartisan crypto market structure talks. Markup now set for the last week of January to ensure broad support.

Read the chairman’s statement ⬇️https://t.co/dEjZRGn9XL

— Senate Ag Committee Republicans (@SenateAgGOP) January 12, 2026

Crypto Market Structure Bill Debates Focus on Stablecoin Yields and DeFi Rules

Stablecoin yield rules remain one of the largest sticking points of the crypto market structure bill. Several lawmakers want to ban yield payments linked to holding stablecoins. Bank lobbyists also want to stop exchanges from offering yield through third-party platforms. They argue these products resemble interest-bearing accounts.

The GENIUS Act already prevents stablecoin issuers from paying yield. Lawmakers are debating whether to extend that restriction across the market. Some proposals would still allow rewards tied to payments or wallet usage. Other proposals seek to block any return linked to stablecoin balances.

Decentralized finance rules also divide lawmakers and industry groups. Crypto policy advocates want protections for software developers. They claim that if a developer in no way controls user funds, he should not be subjected to intermediary rules. They caution that broad definitions might attract open-source developers.

Other legislators differ and wish for broader regulatory power. They contend that regulation must be used in instances where platforms manipulate user behavior. This controversy has stalled the language of the bill. Lawmakers continue to revise definitions tied to custody and control.

Democratic senators have also pushed for ethics and conflict-of-interest provisions. These measures would limit public officials from profiting through crypto ties. Some proposals would apply those limits across all branches of government. That effort has added political sensitivity to the negotiations.

Banking Committee Timing and Lummis Draft Frame the Next Test

The Senate Banking Committee still plans to move forward with related legislation. Its work focuses on areas tied to the Securities and Exchange Commission. That process could influence how the Senate aligns final regulatory authority. However, the committee has not announced any delay of the crypto market structure bill.

Senator Cynthia Lummis recently released a separate draft that focuses on market clarity. The proposal aims to reduce overlap between federal agencies. It defines the way in which digital assets must be issued and traded. The markup may take place on January 15.

After months of hard work, we have bipartisan text ready for Thursday’s markup. I urge my Democrat colleagues: don’t retreat from our progress. The Digital Asset Market Clarity Act will provide the clarity needed to keep innovation in the U.S. & protect consumers. Let’s do this! pic.twitter.com/fuu5CIQa8X

— Senator Cynthia Lummis (@SenLummis) January 13, 2026

Advocates argue that more transparent regulations would make the market easier to understand. They also say predictable oversight could limit sudden enforcement actions. Critics remain cautious about timing and political support. Some analysts believe the bill faces challenges ahead.

Investment bank TD Cowen has warned about the bill’s long-term prospects. The firm said midterm elections could weaken bipartisan backing. It suggested the final passage could slip to 2027. Implementation could then extend into later years. For now, the Senate committees are negotiating key sections. Lawmakers aim to resolve stablecoin and DeFi issues before the markup.

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