Crypto Regulatory Clarity Hangs by a Thread as Senate Markup Deadline Approaches Fast

TLDR:

• The Clarity Act passed the House 294–134 but remains stuck in the Senate without a markup date set.
• Senators Lummis and Moreno warn the bill could die in committee if it misses the May Senate floor deadline.
• BlackRock, JPMorgan, and Coinbase are among the institutions waiting on the bill before expanding crypto exposure.
• If the bill fails this session, the next realistic chance for passage may not arrive until 2027 or later.

The Crypto Market Structure Bill is running out of time in the United States Senate. Also known as the Clarity Act, the legislation passed the House in July 2025 with bipartisan support, 294 to 134.

Despite that strong start, the Senate Banking Committee has not scheduled a markup date. Industry leaders, lawmakers, and major financial institutions are watching closely.

The coming weeks may be the final chance for passage before midterm politics take over.

A Shrinking Window in the Senate Calendar

The Crypto Market Structure Bill faces a narrow path through the Senate. Senator Moreno has stated that if the bill misses the May deadline, campaign politics will bury it. Senator Lummis warned the bill could be delayed until 2030. Urgency has grown with each passing week.

Justin Slaughter of Paradigm stated the bill must clear the committee by mid-May to secure a floor vote before Memorial Day. After Memorial Day, the Senate schedule becomes sparse.

Non-legislative periods run from August 10 to September 11 and again from October 5 through the November election. There is very little working time left.

Even if a markup happens in time, four more steps remain before the bill becomes law. These include a 60-vote Senate floor vote, two reconciliation rounds, and a presidential signature. Each step requires time the calendar simply does not offer.

If the bill fails this cycle, the industry could face another long wait. The next real opening may not come until 2027.

Some projections extend that timeline to 2030. In the meantime, crypto projects continue moving offshore to Singapore, Dubai, and London.

Industry and Government Align on the Clarity Act

Backing for the Crypto Market Structure Bill has grown in both the government and the private sector. Treasury Secretary Bessent published a Wall Street Journal op-ed calling for passage.

The White House has pushed actively for the legislation. Coinbase CEO Brian Armstrong reversed his earlier opposition and endorsed the bill.

Major financial institutions have aligned behind the legislation. BlackRock, Morgan Stanley, and JPMorgan are waiting on regulatory clarity before expanding crypto exposure.

JPMorgan noted the bill would reshape market structure and bring institutional capital that has sat on the sidelines for years.

The bill would define which crypto assets are securities and which are commodities. It would split oversight between the SEC and the CFTC and end regulation-by-enforcement. It would also create a legal framework for tokenization, stablecoins, and institutional participation at scale.

Contentious issues have narrowed from over a dozen to just two or three points of disagreement. The stablecoin yield dispute is reportedly near resolution.

None of this progress will matter if the markup does not occur in the next few weeks. The window is closing.

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