Senate Banking Committee Chair Tim Scott has signalled that lawmakers are closing in on a workable framework for crypto market structure, describing progress as "real" — a notable upgrade in tone from the procedural holding patterns that have defined Capitol Hill's crypto posture for much of the past two years.
Market structure legislation would clarify which digital assets fall under SEC versus CFTC jurisdiction, a foundational question the industry has been waiting on. A clear answer would unlock institutional product development that has been stalled precisely because of that regulatory ambiguity.
With stablecoin legislation already advancing in parallel, the legislative calendar is shaping up as the most consequential for crypto since the infrastructure bill debate of 2021.
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