The Breakdown Crypto Market Structure Slips to 2026
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Dec 18, 2025 Congress has delayed the crypto market structure bill until 2026, complicating negotiations during an election year. Tensions are rising over ethics in DeFi and stablecoin yields, with urgent calls from Democrats for clarity. The FDIC is quickly drafting rules for bank-issued stablecoins, while Tether is working to integrate USDT with the Lightning Network. Amidst this, DAOs are facing governance challenges, exemplified by Aave's recent revolt over ownership issues. The landscape is dynamic, making for a tense waiting game.
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Market Structure Delayed To 2026
- Congress has postponed the bipartisan crypto market-structure bill until early 2026, creating real risk the effort stalls.
- Momentum still exists but negotiations face shutdowns, midterms, and deep partisan disagreements.
Key Policy Sticking Points Identified
- Democrats circulated a counteroffer highlighting ethics, DeFi compliance, token exemptions, and stablecoin yield as sticking points.
- These differences give anti-bill factions leverage and could sink progress next year.
Bank Lobby Could Flip Its Calculus
- The banking lobby currently pushes to close stablecoin-yield loopholes but may prefer a market-structure bill to lock in a working regime.
- Lobby dynamics could shift next year if banks decide structure is preferable to the status quo.