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Efforts to define the future of cryptocurrency regulation in the United States have fallen further behind.
- The Senate’s virtual currency bill is facing new delays as committees struggle to finalize the language.
- There continues to be disagreement among key lawmakers over the regulation of DeFi and stablecoins.
- December is currently seen as the earliest date for the bill to increase.
Senate version of long-awaited virtual currency market structure bill remains unfinishedinsiders now expect the price increase to be delayed into December.
What was once hailed as a final step has become an even more protracted phase of revision. Banking Committee and Agriculture Committee staff are still negotiating key details about how supervisory duties will be divided between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Behind closed doors: policy divisions and political fatigue
Advisors involved in the process said the atmosphere was “tense but stagnant” as policymakers revisited areas that appeared to be settled. The working draft was due to be released this week, but last-minute disagreements forced further rewriting.
David Sachs, the White House official overseeing both crypto and AI efforts, participated in a recent conference call with Senate staff to assess progress. He praised the bipartisan effort, but also acknowledged unanswered questions surrounding the regulation of DeFi and stablecoins. One version of the bill reportedly includes a bracketed section — essentially a placeholder for unresolved language — highlighting the continued lack of agreement.
Legislators’ calendars disappear, markup postponed
The Senate had originally targeted a raise before the Thanksgiving recess, but that window has effectively closed. Parliament is scheduled to adjourn next week, and all eyes are on December as the next date. Still, aides caution that Congress’s schedule is unpredictable, especially with multiple competing legislative priorities.
This is not the first setback for this bill. After the House proposed its own version earlier this year, there was growing optimism that the Senate would soon follow suit. However, the schedule was repeatedly postponed due to the government shutdown and subsequent debate over how DeFi platforms should be classified.
Sen. Cynthia Lummis called the ongoing discussions “granular but very constructive,” suggesting both parties remain committed despite slow progress.
Tipping point in digital asset monitoring
If passed, the bill would be the most comprehensive effort yet to draw a clear line between securities and products in the digital asset space, a distinction that could reshape how exchanges, stablecoin issuers, and decentralized protocols operate in the United States.
While the process in Washington has stalled, other countries are moving forward. For example, the Bank of England recently confirmed plans for a consultation paper on stablecoin regulation, highlighting that countries around the world are already preparing a framework that the United States has not yet finalized.
For now, the U.S. crypto industry remains stagnant, waiting for Congress to catch up with an ecosystem that refuses to slow down.
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