A new draft of the U.S. Senate’s cryptocurrency market structure legislation is expected this week, according to Senator Tim Scott, chairman of the Senate Banking Committee, potentially paving the way for a breakthrough in regulatory efforts for the digital asset industry.
Scott, speaking at the DC Blockchain Summit, indicated that lawmakers are making progress on the bill, with at least a draft including language related to stablecoins anticipated for review. The legislation, also known as the CLARITY Act or the Digital Asset Market Structure Act, aims to establish a comprehensive regulatory framework for digital assets, a goal that has faced significant hurdles in recent months.
While progress is being made, key disagreements remain, particularly concerning the treatment of stablecoin yields. Senator Scott credited Senators Angela Alsobrooks, a Democrat, and Tom Tillis, a Republican, along with Patrick McHenry, representing the White House, for their efforts in addressing these issues. “I think I’m going to get a first draft this week,” Scott said, adding that if the draft arrives by the end of the week, “we’ll at least know if the sketch looks like the person.”
The Senate Banking Committee had previously scheduled a hearing to review the cryptocurrency bill for January 15, 2026, but delayed action to allow for further negotiations. The delay extended a period of regulatory uncertainty for market participants, according to reports from December 2025. The bill seeks to divide jurisdiction between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), assigning oversight of spot markets to the CFTC and securities-functionality assets to the SEC.
Negotiations have focused on unresolved issues beyond stablecoin yields, though Scott did not detail those specific points. The advancement of the market structure bill comes as lawmakers work to finalize details on other aspects of cryptocurrency regulation. The push for a legislative solution is occurring amidst broader political considerations, including concerns about government shutdowns and upcoming elections, which could impact the legislative timeline.
Industry stakeholders are cautiously optimistic about the potential for bipartisan cooperation, anticipating that regulatory clarity will contribute to market stability and increased investment. But, the unresolved issues surrounding stablecoin yields and other outstanding concerns suggest that significant work remains before a final agreement can be reached.
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