US Market Structure Bill, 'Stopped' for 80 Days... Former CFTC Chairman "Crypto Innovation Won't Stop"

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The US cryptocurrency market structure bill has been stalled in the Senate for 80 days. A former head of financial authorities emphasized that cryptocurrency innovation will continue regardless of whether the bill passes.

According to crypto-specialized media BeInCrypto on August 2 (local time), former US Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo pointed out that the cryptocurrency industry is overly reliant on the US cryptocurrency market structure bill. He stated, “It’s time for the industry to stop making too big a deal out of this bill.”

The US House of Representatives passed the bill on July 17, 2025, with 294 votes in favor and 134 against. The Senate Banking Committee also passed the bill on May 14, 2026, with 15 votes in favor and 9 against. However, no full Senate vote has been held since then. The Senate is in recess from August 10 to September 11, leaving only about a week for plenary session processing.

Giancarlo presented the internet as a precedent for the cryptocurrency industry, explaining that the internet grew for 30 years without separate approval laws. He stated, “Clear regulations are necessary, but innovation will continue even if the bill does not pass.” However, he acknowledged that the bill could help organize the direction and order of market changes.

Giancarlo supports the passage of the bill itself. Article 503 includes provisions to legalize LabCFTC, a fintech-focused organization he established in May 2017 when he served as acting chairman. He argued that all financial regulatory agencies in Washington should operate similar organizations.

He warned against the potential for surveillance and privacy infringement. The stablecoin regulation bill GENIUS includes licensed stablecoin issuers under the Bank Secrecy Act. The US cryptocurrency market structure bill also applies the same standards to digital asset transactions. Giancarlo criticized this provision, stating that it infringes upon the right to privacy guaranteed by the Fourth Amendment.

The US Commodity Futures Trading Commission is currently operating with one commissioner confirmed by the Senate. Chairman Michael Selig, who took office in December 2025, is the only incumbent among the five seats. Giancarlo stated that if the bill fails, "the premium on courage will become even greater."

[Article Summary]

-The US cryptocurrency market structure bill has not had a full Senate vote for 80 days after passing the Senate Banking Committee.

-Giancarlo emphasized that cryptocurrency technological innovation will continue regardless of whether the bill passes.

-Giancarlo argued that while the bill could establish regulatory order, potential surveillance and privacy infringements must be guarded against.

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