The US Senate’s crypto market structure bill could take until August to pass and risks not advancing at all if lawmakers cannot pass it before the midterms, said Greg Cipolaro, head of research at financial services firm NYDIG.
Patrick Witt, a senior White House crypto adviser, said earlier this month that he was targeting July 4 for the Senate’s crypto bill to pass, saying there was enough time for a Senate markup, floor vote and House vote.
“This may represent an aspirational benchmark rather than a fixed legislative deadline,” Cipolaro said in a note on Friday. “The realistic window, however, is June through early August.”
The crypto market structure bill would outline how US watchdogs would regulate crypto and is seen as one of the most important pieces of crypto legislation this year. However, it has been marred by delays as lawmakers and lobbyists have sought to add or amend provisions around stablecoins and government officials’ use of crypto, among other issues.
The bill passed a long-delayed markup in the Senate Banking Committee on Thursday, which voted largely along party lines to advance it to the Senate floor, where it will need 60 votes to avoid prolonged debate and pass.
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