Senate Bill Drafts Still Pending as Markups Slide Toward December
With the holidays approaching, staffers are working around the clock to finalize market structure text and schedule markups
Welcome to the Friday edition of the Crypto In America newsletter!
What you’ll read: An update on market structure progress and this week’s top stories.
It looks like the Senate could be in session over the weekend in what’s shaping up to be an all-out effort to reopen the government before the upper chamber heads into recess next week.
The sooner that happens, the sooner the Senate Banking and Agriculture Committees can start planning markup dates for their respective versions of a market structure bill. But first, they need the text.
So where are we on that progress?
An industry source advising on bipartisan discussions with lawmakers and staffers on the Banking side tells Crypto In America it’s been “heads down and noses to the grindstone” this week as those involved work around the clock to iron out key issues. Things seem to be moving along, but it’s still unclear when we could see a draft.
Meanwhile, Senate Ag’s draft still appears to be a moving target. Last week, several sources told Crypto In America a bipartisan product was close to being finalized, with expectations that a text could be released as early as this week. Reporting from Semafor seemed to corroborate that timeline, but so far, no text has appeared.
White House Crypto and AI Czar David Sacks held a call Wednesday with the bill’s two lead architects, Chair John Boozman (R-AR) and Sen. Cory Booker (D-NJ), saying afterwards that he was “encouraged by the progress” and looked forward to a bipartisan draft in the “near future.”
One thing we do know about the Ag text is that it will likely be released with brackets showing areas where Republicans and Democrats are still negotiating. The brackets indicate unresolved language that could change before the bill is finalized.
Needless to say, a markup before Thanksgiving, which Senators had recently been targeting, is looking less attainable. The Senate is out next week and will have only the following week in session before the holiday if it can reach a deal to reopen the government this weekend.
A December markup now seems more likely given the time crunch, but as always with Congress, nothing is ever certain.
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Weekly Recap
ICYMI. Here are the biggest news stories this week from the intersection of Washington and Web3:
Robinhood is considering adding Bitcoin to its balance sheet amid surging crypto trading revenues that jumped 339% in Q3.
Ripple raised $500 million at a $40 billion valuation in a new funding round led by Citadel and Fortress Investment Group. The company also launched its brokerage platform, Ripple Prime, giving institutional clients access to digital assets.
Circle updated its terms of service to allow the legal purchase of firearms with USDC.
Charles Schwab CEO Rick Wurster said the firm plans to launch crypto trading in the first half of 2026.
Top protocols in the Ethereum ecosystem launched a new advocacy group called the Ethereum Protocol Advocacy Alliance to ensure onchain infrastructure has a voice in DC policymaking.
Google will incorporate prediction market data from Kalshi and Polymarket into its search results.
Animoca Brands plans to go public on Nasdaq next year through a reverse merger with Singapore-based fintech company Currenc Group.
The American Bankers Association and 52 other state bankers groups submitted a letter to the Treasury Department, urging it to uphold the GENIUS Act’s ban on stablecoin interest.
ICYMI: Watch Crypto In America’s Interview with Ripple CEO Brad Garlinghouse
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