Crypto Market Structure Bill Poised For A Trump Signature, SEC Chief Says

The U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has expressed confidence that a crypto market structure bill will reach the desk of President Donald Trump for potential signature by the end of 2026. The bill aims to establish clearer regulatory frameworks for digital asset trading and is seen as a step toward positioning the U.S. as a global leader in the crypto space. Atkins emphasized the bill's role in providing certainty to investors.

The bill is part of ongoing efforts to define federal oversight for different types of digital instruments, set standards for trading venues listing tokens, and create clearer reporting requirements for market participants. It is also expected to address the regulatory gray zone where crypto assets currently operate, a point highlighted by the SEC Chair in recent public comments.

Atkins' remarks suggest strong support from the Trump administration for the bill's goals, which align with broader efforts to enhance U.S. competitiveness in the crypto sector. The SEC Chair has also praised the earlier passage of the GENIUS Act in 2025 as a significant step toward regulatory clarity.

Why Did This Happen?

The push for the crypto market structure bill has been supported by the current all-Republican SEC, which has taken a more pro-crypto stance under the Trump administration. This shift reflects a broader change in regulatory priorities compared to the previous administration, which had a more cautious approach to digital assets. With the recent departure of the last remaining crypto-skeptic commissioner, Caroline Crenshaw, the SEC is now entirely Republican.

The bill's progress is also tied to bipartisan efforts in Congress. The Senate Agriculture Committee has delayed its markup of the bill to the end of January, citing the need for more time to finalize details and secure support. Meanwhile, the Senate Banking Committee plans to proceed with its markup as scheduled.

How Did Markets React?

Industry associations have welcomed the SEC's confidence in the bill, noting that clear guidance could attract more institutional capital to the U.S. crypto trading market. However, not all crypto firms are on board. Coinbase, one of the largest U.S. crypto exchanges, has reportedly considered withdrawing its support if the bill imposes broader restrictions on stablecoin rewards. This issue has sparked tensions between crypto exchanges and traditional banks, with the latter pushing for tighter regulations on stablecoin yields to protect traditional financial systems.

The potential impact on Coinbase is significant, as the company's stablecoin-related revenue is expected to reach $1.3 billion in 2025. Any restrictions on stablecoin rewards could threaten its business model and competitive edge in the global crypto market. The company has previously argued that limiting stablecoin rewards could give international rivals an advantage.

What Are Analysts Watching Next?

Financial analysts remain cautious about the bill's chances of passage. Some estimates suggest a 50-60% probability of the bill clearing Congress in 2026, while others predict a longer timeline, with delays possibly pushing final action into 2027. Political dynamics, including the possibility of a government shutdown, could further complicate the process.

The bill's final text will be shaped by committee markups, which are expected to address key negotiation points such as federal agency oversight, trading venue standards, and reporting requirements. These sessions will be critical in determining the bill's scope and effectiveness.

As the bill moves forward, the focus remains on achieving regulatory clarity while balancing innovation and investor protection. The Trump administration has emphasized the importance of passing the bill to achieve its goal of making the U.S. the "crypto capital of the world". The outcome of this legislative effort will have far-reaching implications for the crypto market and its integration into the broader financial system.