Nikolas Sargeant
US senators are pushing forward with plans to pass comprehensive cryptocurrency market structure legislation despite an ongoing government shutdown that has furloughed thousands of federal employees. Republican leaders on key Senate committees are working with Democratic counterparts to advance digital asset regulations by the end of the year, maintaining their original timeline for the landmark legislation.
Senate Agriculture Committee Chair John Boozman confirmed he is negotiating with Democrats to release a bipartisan market structure bill in the coming weeks, with plans to pass it before 2026. Meanwhile, members of the Senate Banking Committee have resumed bipartisan discussions, with sources indicating a potential deal could be announced within weeks. Both committees must approve the legislation before it can advance to a full Senate vote.
The legislative effort builds on the CLARITY Act, which passed the House of Representatives in July during Republicans' designated crypto week. Senate Republicans pledged to develop their own version under the Responsible Financial Innovation Act, though previous committee deadlines have already passed and the shutdown may delay further progress on the legislative timeline.
Recent Legislative Developments
A group of 12 Democratic senators released their own competing framework for digital asset market structure legislation in September, outlining seven key pillars focused on consumer protection and preventing illicit finance. The Democratic proposal directly critiqued President Trump's approach to regulatory appointments and questioned his personal financial connections to the crypto industry.
The renewed push follows Coinbase CEO Brian Armstrong's recent visit to Capitol Hill, where he reported that senators had reached agreement on approximately 90 percent of crypto-related issues in the proposed legislation. Despite the government shutdown disrupting many federal operations, members of Congress continue receiving paychecks and are permitted to conduct legislative business in both chambers.
