TLDR
- Lawmakers are preparing a mid-May markup for the crypto market structure bill while key disputes remain unresolved.
- Sen. Thom Tillis said he will oppose the bill if it does not include clear ethics provisions.
- Negotiators are still working to resolve disagreements over stablecoin rewards and decentralized finance oversight.
- Sen. Tim Scott said Republicans aim for full party support before moving the bill to a Senate vote.
- Sen. John Kennedy has withheld support due to frustrations with unrelated housing legislation delays.
Lawmakers are preparing to advance a crypto market structure bill toward a mid-May committee markup. However, disputes over ethics rules and stablecoin policies continue to delay progress. Negotiators from both parties are working to finalize text before a potential Senate Banking Committee vote.
Crypto Market Structure Bill Faces Policy Gaps Before Markup
Sen. Thom Tillis urged Sen. Tim Scott to schedule a markup hearing for the crypto market structure bill. He said updated legislative text should arrive days before the vote. Tillis also stated he would oppose the bill without clear ethics provisions.
🚨Sen. Thom Tillis (R-NC) signals next steps on crypto market structure bill:
• “A lot of progress” made
• Banks’ concerns “addressed”
• Will “ask the chair to move forward with scheduling a markup”
• Says a markup is the “forcing mechanism” to get it done
• Legislative… pic.twitter.com/54GTX4l4j8
— Chase Williams (@ChaseWilliams_) April 29, 2026
He told Politico that ethics language must be included before the bill leaves the Senate. Meanwhile, a crypto industry source confirmed that momentum toward a markup continues to grow. The same source expects a possible committee vote by mid-May.
Lawmakers continue to debate stablecoin reward rules, which remain a key issue blocking progress. At the same time, negotiators are addressing concerns related to decentralized finance oversight. These issues have slowed movement within the Senate Banking Committee.
Sen. Angela Alsobrooks stressed that bipartisan support depends on resolving illicit finance concerns. Her office said lawmakers must also settle ethics questions before advancing the bill. However, Chair Scott argued that ethics provisions may fall outside his committee’s jurisdiction.
Senate Divisions and Trump Ties Complicate Progress
Chair Scott said lawmakers have entered the “red zone” to move the bill forward. He added that full Republican support would improve the chances of bipartisan agreement. Scott aims to bring the bill to the Senate floor by June or July.
However, Sen. John Kennedy said he would not support the legislation at this stage. He cited frustration with unrelated housing legislation delays involving the House and White House. His stance complicates efforts to secure unified Republican backing.
The Senate requires 60 votes to pass the bill, which creates a high threshold. Lawmakers must secure support from both Republicans and Democrats. This requirement adds pressure to resolve ongoing disputes quickly.
Ethics concerns have intensified due to links between former President Donald Trump and crypto ventures. Reports estimate Trump earned at least $1.4 billion from crypto-related activities. These include projects tied to DeFi and stablecoins.
The Trump family also holds a 20% stake in a mining company. Recent events, including a memecoin-related gathering, raised further scrutiny. Democrats have used these ties to question the bill’s integrity.
The House previously passed a similar bill called Clarity. That version bars federal officials from issuing digital assets while in office. Discussions continue over whether similar restrictions should apply in the Senate version.
Sen. Elizabeth Warren recently raised concerns during a committee hearing. She questioned whether financial regulators could face conflicts tied to crypto holdings. Warren warned that such risks could influence oversight decisions.
Industry estimates place the bill’s passage chances between 15% and 50%. Meanwhile, lawmakers continue negotiations as the proposed markup timeline approaches.
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