SEC Chair Says Crypto Market Structure Bill Has Passed the House

The Digital Asset Market Clarity Act has cleared the House and is now being negotiated in the Senate, with lawmakers and industry stakeholders working to address key provisions. The bill seeks to establish a clear regulatory framework for digital assets, including defining tokens as securities and addressing stablecoin yield practices. Its passage through the House earlier in 2025 marked a key step forward, but Senate negotiations remain stalled due to unresolved policy language.

U.S. Treasury Secretary Scott Bessent has criticized resistance within the crypto industry to the bill, calling out a group of insiders who prefer no regulation over the proposed framework. During a Senate Banking Committee hearing, he stated that some in the industry want to avoid oversight while still operating within the U.S. market. His comments echoed frustrations from Democratic Senator Mark Warner, one of the key negotiators on the bill.

Sberbank, Russia’s largest lender, has begun offering crypto-backed loans to corporate clients, marking a new phase in digital asset adoption in the country. The bank’s first loan was issued to mining firm Intelion Data in late 2025 as part of a pilot program. This development reflects broader interest in crypto collateral as a source of liquidity for Russian companies.

Why Did This Happen?

The Clarity Act faces resistance primarily from crypto firms worried about how the legislation would impact business models, especially those involving stablecoin yields and decentralized finance. Coinbase CEO Brian Armstrong withdrew support for a Senate version of the bill last month due to concerns over regulatory definitions and DeFi provisions.

Bessent has emphasized the importance of moving forward with the bill, stating that its passage is essential for the industry’s development in the U.S. He has also pointed to the earlier GENIUS Act, which he said struck a good balance in regulating stablecoin issuers.

How Did Markets React?

The crypto market has shown mixed reactions to the ongoing legislative uncertainty. Prices for major cryptocurrencies have fluctuated, with Bitcoin and Ethereum experiencing volatility in recent weeks. Investors remain cautious as they await a resolution in the Senate, where the bill’s final form could significantly impact market dynamics.

In Russia, Sberbank’s move to offer crypto-backed loans has been seen as a validation of digital assets as part of the mainstream financial system. The bank plans to expand the service beyond mining firms to other corporations with crypto holdings, which could further integrate digital assets into the economy.

What Are Analysts Watching Next?

Analysts are closely following the outcome of the Senate negotiations, particularly regarding how stablecoin yields and token definitions will be addressed. A bipartisan compromise is seen as the most likely path forward, with lawmakers and industry representatives working to resolve outstanding issues.

Senator Angela Alsobrooks has expressed optimism that a compromise will be reached that balances innovation with regulatory oversight. Meanwhile, U.S. President Donald Trump’s advisor, Patrick Witt, has facilitated discussions between banking and crypto representatives to find common ground.

As negotiations continue, the broader implications for the U.S. financial system and global competition in the digital asset space remain a key focus. Bessent has emphasized the need for the U.S. to maintain its leadership in the crypto sector, while also ensuring regulatory clarity and consumer protection.