SEC Chair: Crypto Market Structure Bill Passed House, Now in Senate Review
The U.S. Securities and Exchange Commission (SEC) Chair confirmed on CNBC that a major crypto market-structure bill has passed the House and is now under review in the Senate. The legislation aims to clarify regulatory roles between the SEC and the Commodity Futures Trading Commission (CFTC), define oversight of trading platforms and custody services, and set disclosure standards for certain crypto products. House passage followed extended debate and revisions; the bill now faces Senate committee review, potential amendments, and procedural steps before a full vote. No Senate timeline has been announced. Market participants and crypto firms—many of which have delayed expansion pending clearer rules—are closely watching for outcomes that could influence compliance, product launches, and institutional activity. The SEC Chair said regulators are engaged and “looking forward to getting it across the finish line,” but enactment will depend on Senate action and subsequent agency implementation guidance.
Neutral
House passage of a crypto market‑structure bill is a clear legislative step that reduces regulatory uncertainty, which can be positive for institutional planning and long-term market development. However, the bill still requires Senate approval, possible amendments, and agency implementation guidance—each a source of uncertainty. Historically, similar regulatory milestones (e.g., endorsement of clearer custody or ETF frameworks) produced cautious bullish responses when outcomes were definitive, but produced muted or volatile reactions while legislative timing remained uncertain. Short-term impact: likely muted or mixed — headline-driven volatility around Senate developments and committee actions. Traders may see increased volume and price swings on news of amendments, votes, or delays. Long-term impact: potentially bullish if the bill passes intact and clarifies SEC/CFTC roles, prompting renewed product launches, institutional entry, and clearer compliance paths. Conversely, significant amendments that narrow market access or create onerous requirements could be bearish for certain tokens and intermediaries. Overall, until the Senate acts and agencies issue rules, the market should treat this as regulatory progress with conditional upside rather than an immediate directional catalyst.