Crypto CEOs Scramble as Landmark Market Structure Bill Faces Delays in Washington

The cryptocurrency industry has spent hundreds of millions of dollars lobbying in Washington, but when it comes to its top legislative priority for 2025, crypto executives are discovering there’s one thing money can’t buy: time.

Top crypto executives held a series of Capitol Hill meetings on Wednesday to revive efforts on a landmark market structure bill that would establish new digital asset regulations. Sources familiar with the discussions said bipartisan talks stalled earlier this month amid public disputes over the negotiations, leaving some executives concerned the legislation could slip into next year.

> “Everyone walked away with a commitment to continue work on this in a bipartisan way, but I think there was a distinct difference in terms of the timeline,” one industry official said, adding that passing the bill this year would require a “miracle.”

Led by Senate Republicans, the market structure legislation has long been a priority for crypto, particularly as executives and lobbyists have gained influence under former President Donald Trump. A bloc of 12 Senate Democrats has expressed interest in a deal, but negotiations with pro-crypto Republicans have been slowed by acrimonious disputes.

Senate Banking Chair Tim Scott (R-S.C.) indicated he hopes to move the bill out of committee before Thanksgiving, while Democrats have resisted imposed deadlines, pushing instead for a joint authorship process to shape the legislation. During a morning meeting, Democratic senators voiced support for advancing the bill but criticized the industry’s reaction to a leaked proposal for regulating decentralized finance (DeFi).

Sen. Ruben Gallego (D-Ariz.) told CEOs he was “really pissed” about the leak, warning the industry not to act as “an arm of the Republican Party,” adding, “They used you all and your megaphones to fuck us.” Gallego later emphasized that the goal remains bipartisan cooperation.

Sen. Adam Schiff (D-Calif.) raised concerns over Trump’s business entanglements in the crypto space. Coinbase CEO Brian Armstrong acknowledged the concern but noted that presidential ethics extend beyond digital assets, calling Trump “incredibly beneficial to the crypto industry.”

Complicating the bill’s path further, the recent furloughing of two Commodity Futures Trading Commission staffers assigned to the Senate Agriculture Committee—a key committee for the bill—has fueled concerns about progress amid a federal shutdown. Attempts by White House officials to retain the staffers were rebuffed by acting CFTC Chair Caroline Pham, who cited legal requirements to furlough employees alongside other CFTC staffers.