The Crypto Market Structure Bill has cleared a major legislative hurdle in the U.S. House, signaling growing momentum for regulatory clarity in the digital asset space. However, despite bipartisan support in one committee, the bill now faces a more challenging road ahead as it moves through Congress.
House Committees Pass Bill with Mixed Votes
Two House committees, Agriculture and Financial Services, have passed different versions of the Crypto Market Structure Bill. On June 10–11, the House Agriculture Committee voted 47–6 in favor, while the Financial Services Committee followed with a tighter 32–19 margin. Despite the early victories, significant differences between the two versions must be reconciled before a full House vote.
Crypto Market Structure Bill: What’s Inside?
At the heart of the Crypto Market Structure Bill is a proposal to define jurisdiction between the SEC and CFTC. It grants greater authority to the Commodity Futures Trading Commission (CFTC) over digital commodities while limiting the SEC’s reach unless digital tokens qualify as securities.
The bill also supports:
- Self-custody rights
- Peer-to-peer transactions
- Voluntary disclosures for decentralized projects
Opposition and Concerns from Lawmakers
While many Republicans praised the bill as a framework to boost innovation and protect consumers, several Democrats, led by Rep. Maxine Waters, expressed strong opposition. Critics argued that the Crypto Market Structure Bill could create loopholes for bad actors, especially within the DeFi space. There are also concerns about exemptions for crypto developers and questions about how decentralized organizations would be regulated.
Additionally, some legislators have raised alarms about potential political misuse, citing risks of shielding parties with conflicts of interest or ties to high-profile figures.
The Road Ahead: Senate Hurdles and Political Friction
The next step is a full vote in the House, where the reconciled version of the Crypto Market Structure Bill will need broader support. Even if it passes, the bill will then head to the U.S. Senate, where prospects are more uncertain. Senate leaders have shown less urgency around crypto reform and are currently focused on a separate piece of legislation: the GENIUS Stablecoin Bill.
Without Senate approval, regulatory ambiguity will continue. In that case, agencies like the SEC and CFTC may fill the gap with their own enforcement actions or rulemaking, a path many industry leaders say lacks transparency and consistency.
Expert Insights on Market Impact
According to former CFTC Chair Timothy Massad, the current draft “may introduce more confusion than clarity.” Other financial experts suggest that Congress should create guiding principles rather than attempt detailed oversight through overly prescriptive laws.
Still, the very advancement of the Crypto Market Structure Bill marks a critical shift. For the first time, a comprehensive crypto framework has advanced this far in the legislative process—raising hopes for a more structured and innovation-friendly environment in the U.S.
Final Thoughts
The bill could redefine how digital assets are classified and regulated in the United States. Whether it succeeds depends on political will, bipartisan cooperation, and industry engagement. As the Senate deliberates, the crypto community watches closely, hoping for long-awaited clarity.
