US Cryptocurrency Market Structure Bill, 65% Chance of Becoming Law...Trump's Signature a Reality?

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Discussions on cryptocurrency regulatory legislation, which had been delayed for several months, are gaining momentum again as the US Senate Banking Committee is reportedly set to announce the markup process for the US Cryptocurrency Market Structure Bill as early as Friday. Although the bill's text has not yet been finalized, there is a possibility that a committee vote will take place on May 14.

According to Coingape on May 8 (local time), the US Senate Banking Committee is preparing to notify its members of the markup schedule for the US Cryptocurrency Market Structure Bill. Eleanor Terrett, a former Fox Business reporter, stated on X (formerly Twitter) that the committee could issue a related announcement as early as that day. The committee has already circulated a draft of the bill to some banking and cryptocurrency industry stakeholders.

This process comes as Republican Senator Thom Tillis and Democratic Senator Angela Alsobrooks finalize a compromise on stablecoin yield. Coingape reported that the Senate Banking Committee is likely to announce an official meeting date ahead of a possible vote next Thursday. The bill had been delayed for months due to negotiations surrounding stablecoin yield and reward provisions.

If the US Cryptocurrency Market Structure Bill markup proceeds next week, committee members will review, amend, and finalize the bill's language before a full Senate vote. Terrett stated that additional amendments are expected to reflect the priorities of Democratic offices. While the current text is generally well-received, some bracketed provisions are still under discussion, and the banking sector is reportedly opposing the stablecoin yield compromise.

Pressure to pass the bill is also growing inside and outside political circles. A national poll by HarrisX showed that 52% of voters supported the US Cryptocurrency Market Structure Bill, with only 11% opposing it. Coingape reported that a majority of Democratic, Republican, and independent voters are demanding clear cryptocurrency regulation and strong consumer protection.

White House crypto advisor Patrick Witt described the poll as essential reading for all policymakers and elected officials dealing with the US Cryptocurrency Market Structure Bill. Witt and Senator Bernie Moreno confirmed that Trump could sign the bill by July 4. Polymarket data suggests a 65% chance that the US Cryptocurrency Market Structure Bill will become law this year.

Robinhood CEO Vlad Tenev commented that the US Cryptocurrency Market Structure Bill has finally gained real momentum to reach the finish line. He stated that with just a little more push, the US would establish the legislative foundation to secure dominance in digital finance. The Senate Banking Committee's markup announcement is expected to be a turning point, marking the entry of discussions on establishing a US cryptocurrency regulatory framework into a full voting phase.

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