After months of debate, hearings, and political deadlock, the U.S. Senate is preparing to unveil a long-awaited bill that could finally bring clarity and structure to the nation’s cryptocurrency market.

According to insiders, the Senate Agriculture Committee has completed the final version of a bipartisan crypto market structure proposal, designed to define oversight roles and end the long-standing regulatory tug-of-war between the CFTC and the SEC.

The Crypto Market Structure Bill: Who Regulates What

The bill — expected to be released within days — will make the Commodity Futures Trading Commission (CFTC) the primary regulator for digital commodities and spot markets, while the Securities and Exchange Commission (SEC) will retain authority over securities-classified digital assets.

It also introduces a three-tier classification framework for digital assets:

  • Digital Commodities

  • Investment Contract Assets

  • Regulated Payment Stablecoins

This structure aims to clearly define which federal agency has jurisdiction and create predictable, innovation-friendly compliance standards.

Key Update: Staking, DePIN, and Airdrops No Longer Automatically Securities

The latest version of the bill, refined after extensive talks with crypto industry leaders, makes critical adjustments to how certain blockchain activities are regulated.

Under the updated language, staking, DePIN (Decentralized Physical Infrastructure Networks), and airdrops will no longer be automatically classified as securities — a major relief for developers and DeFi communities.

Journalist Eleanor Terrett reported that the bill could be published this week, though insiders warn final edits might delay the release to early next week.

Democrats and Republicans Back at the Table

After months of partisan gridlock — especially following the controversial CLARITY Act proposed by Senate Democrats — bipartisan talks have resumed.

The CLARITY proposal sought to classify DeFi developers as intermediaries, which Republicans and tech advocates harshly criticized, warning it could criminalize open-source software development.

Now, a renewed spirit of cooperation has emerged. Following multiple industry roundtables that included executives from Coinbase, Ripple, and others, both sides have agreed on the need for a balanced compromise that protects consumers without stifling innovation.

Coinbase: “A Deal Is Within Reach”

Coinbase CEO Brian Armstrong, who attended the Capitol Hill discussions in person, expressed optimism that the bill could be finalized before year-end.

He said lawmakers from both parties are “90% aligned on the core framework”, with only a few technical points left to resolve.

“We’re seeing a genuine willingness to move forward. If this bill passes, the U.S. will finally have a clear, modern legal framework for digital assets,” Armstrong stated.

What It Means for Crypto

If enacted, the bill could mark the most significant piece of crypto legislation in U.S. history, bringing long-awaited regulatory clarity and restoring investor confidence.

The framework would help end years of uncertainty that have driven innovation offshore and discouraged major firms from operating in the U.S.

If lawmakers succeed in passing it by the end of 2025, 2026 could become the year crypto truly integrates into the American economy — and a global signal that the United States intends to lead in digital finance once again.

#crypto , #Regulation , #SEC , #defi , #Ripple

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