TL;DR
- The push for a US market structure bill faces growing uncertainty as the political calendar tightens ahead of the midterms.
- Some industry figures argue that recent actions by the SEC and CFTC reduce the need for immediate legislation.
- Others warn that failing to pass a bill in 2026 could leave crypto exposed to political swings, weaker legal certainty, and slower adoption among institutions and retail investors.
The US crypto sector enters 2026 with stronger footing than it had only two years ago, yet one unresolved issue continues to dominate policy discussions. The market structure bill, designed to clarify how digital assets are regulated, remains stalled despite a more constructive tone from federal agencies. For many in the industry, the question is no longer whether the bill matters, but whether it can realistically move forward in time.
Over the past year, crypto markets benefited from regulatory shifts that reduced pressure on exchanges and developers. Spot Bitcoin ETFs expanded access through traditional finance, while enforcement strategies became more selective. These developments improved sentiment, but they did not eliminate uncertainty tied to the lack of clear legislation.
Market Structure Bill Faces Political And Technical Limits
The market structure bill seeks to define which digital assets fall under securities law and which belong to commodities oversight. Advocates say this clarity would anchor innovation in the US, reduce compliance friction, and give companies a stable framework. Yet lawmakers face a crowded agenda, and the bill’s complexity raises doubts about Senate approval before election dynamics slow negotiations.
Several policy insiders note that crypto-friendly signals from regulators have eased pressure on Congress. The SEC has explored exemptions for certain token issuers, while the CFTC continues to expand its role in overseeing crypto markets. These steps create breathing room, but they rely on current leadership rather than durable statutory authority.
Regulatory Momentum And Strategic Disagreement
Regulators argue that existing laws already provide broad discretion to supervise digital assets. Through guidance, exemptions, and rule updates, agencies continue to shape the market without waiting for Congress. Some industry leaders believe this approach allows time to refine legislation instead of rushing a flawed bill.
Others remain uneasy with that logic. They warn that regulatory progress without legislation leaves crypto vulnerable to abrupt reversals under future administrations. From their perspective, a market structure bill would lock in recent gains and reduce uncertainty for long-term investors who remain hesitant to engage with the sector.
Public perception also plays a role. While adoption has grown, many potential users still view crypto as unstable or opaque. Supporters of the bill argue that congressional action would signal permanence and legitimacy, encouraging broader participation across financial markets.
