The advancement of the crypto market structure bill faces obstacles, May 25 may be the "final deadline" for progress

BlockBeats reported that on April 27, there has been almost no public progress on the crypto market structure bill over the past month. Although it is quite difficult to predict the future of this bill, the window for its passage is narrowing. Many actions related to market structure — such as statements from U.S. Securities and Exchange Commission (SEC) staff — do not constitute permanent guidance. The SEC has time to issue rules that require a public notice and comment period, but this will take time. The purpose of the market structure legislation is to enshrine the goals and regulatory rules of the crypto industry into law, making it harder for future governments to overturn these rules. In other words, without the Clarity Act, we could very well still be having the same discussions years from now.

At least since last December, Memorial Day on May 25 has been seen as the “final deadline” for legislative action. After summer begins, lawmakers will leave Washington to campaign and will not have time to focus on crypto legislation (or most other legislation). Before Congress goes into recess, the House of Representatives still needs to review a bill to fund the Department of Homeland Security, and the Senate must decide whether Kevin Warsh will be appointed as the next Federal Reserve Chair.

The crypto industry is eager for the bill to be passed. Over 100 institutions signed an open letter last week urging the Senate Banking Committee to hold a hearing to review the bill, which would be the first step in the overall approval process. However, it is still unclear how close the committee is to moving forward. Stablecoin yield issues remain at the forefront of the discussion, and other unresolved questions remain publicly unaddressed. Even if these issues are resolved, the House of Representatives would still need to vote on the bill again. Earlier this month, House Financial Services Committee Chair French Hill stated that many outstanding issues around stablecoins and DeFi sales activity had already been addressed in the House version of the bill, and the Senate should be able to reach a consensus.