A major US crypto market structure bill has advanced in a Senate committee hearing.

Crypto Bill Nears Senate Finish Line—But DeFi, Trump Profits, and CFTC Seat Still in Play

The crypto market structure bill is inching closer. GOP lawmakers met Thursday to bridge final gaps, with the White House expected to receive updated text of the Digital Asset Market Clarity Act. Even skeptics like Sen. Tillis are now comfortable with stablecoin yield language, but DeFi treatment remains a sticking point.

Stablecoin yield fights between bankers and crypto firms are nearly resolved, sources say—though community bankers may get unrelated housing provisions as a sweetener. Trump officials reportedly joined Senate Banking GOP members as the bill is readied for floor votes. Even if it clears committee by late April (per Lummis), more hurdles loom.

Democrats want assurances that senior officials won't personally profit from crypto, and a Democratic CFTC seat filled before new rules hit. Both could require White House concessions—expected to be last-minute.

On yields, Lummis said stablecoin rewards that avoid bank-like terms could survive, comparing them to credit card perks. She also noted Coinbase's Armstrong has softened after earlier opposition stalled progress.

Meanwhile, the SEC dropped new crypto policy guidance, including a first-of-its-kind taxonomy. Chair Atkins and GOP commissioners called for new law to back their work—and pledged to work with the CFTC on the CLARITY Act. "Only Congress can rewrite the law," they wrote. "In the meantime, we're providing the responsible approach markets need."