ChainTech Africa

June 26, 2025
A leading U.S. senator has assured the White House that long-awaited crypto market structure legislation will be finalized by September 30, marking a pivotal step toward establishing a comprehensive regulatory framework for digital assets in the United States.

Sen. Debbie Stabenow (D-MI), chair of the Senate Agriculture Committee and co-author of several major digital asset proposals, reportedly conveyed the timeline during a closed-door meeting with senior administration officials this week, according to two people familiar with the discussion.

The commitment comes amid increasing pressure from industry stakeholders, international regulators, and bipartisan lawmakers for the U.S. to catch up in crypto oversight after years of legislative inertia.

Bipartisan Bill Gains Urgency

The proposed legislation, referred to internally as the Crypto Market Structure and Consumer Protection Act, aims to clearly define which federal agencies regulate various parts of the crypto ecosystem—particularly spot markets, stablecoins, and decentralized finance (DeFi) platforms.

The bill is expected to establish the Commodity Futures Trading Commission (CFTC) as the primary overseer of crypto commodities like Bitcoin and Ethereum, while giving the Securities and Exchange Commission (SEC) jurisdiction over token offerings deemed securities.

A draft of the bill is currently being revised by a bipartisan group of senators, including Sen. Cynthia Lummis (R-WY) and Sen. Kirsten Gillibrand (D-NY), who have long championed pro-innovation guardrails to support both investor protection and U.S. competitiveness.

“We are committed to getting this done before the fiscal year ends,” said a staffer for Sen. Stabenow. “The White House understands the urgency, and there is broad consensus around the framework we’re building.”

White House Support, But With Conditions

While the Biden administration has not formally endorsed a specific bill, Treasury and National Economic Council officials have been deeply involved in negotiations, pushing for strong anti-money laundering provisions and stablecoin oversight in line with global standards.

The White House is said to support a dual-agency model—CFTC and SEC—but has pushed back against overly narrow definitions of digital assets, warning that loopholes could allow bad actors to operate unchecked.

Administration insiders view the September deadline as both ambitious and necessary, especially with global regulatory regimes such as the EU’s MiCA framework already in effect and several Asian countries moving forward with digital asset licensing regimes.

Industry Reaction: Cautiously Optimistic

Crypto industry leaders have welcomed the news of progress, though many remain cautious about the final language.

“This is the most promising signal we’ve seen in months,” said Sheila Warren, CEO of the Crypto Council for Innovation. “We need clear, enforceable rules to unlock the next phase of growth in this space, and time is of the essence.”

Still, some advocates warn that a rushed or overly restrictive bill could drive innovation offshore or entrench regulatory uncertainty if key terms are not carefully defined—particularly around custody, staking, and decentralized protocols.

What Happens Next

The Senate Agriculture Committee is expected to hold a public hearing on the updated draft by mid-July, with markup scheduled shortly thereafter. A companion House bill led by Reps. French Hill (R-AR) and Glenn Thompson (R-PA) is also advancing, though differences remain around enforcement priorities and the role of state regulators.

If passed by September 30, the legislation could become the most significant crypto law in U.S. history, finally resolving key questions around regulatory jurisdiction and creating a baseline framework for institutional participation and consumer protection.