What happened?
The long-debated U.S. crypto market structure bill has picked up bipartisan momentum, with Coinbase CEO Brian Armstrong saying lawmakers could finish it before Thanksgiving. Lawmakers and crypto leaders met on Capitol Hill and say roughly 90% of the CLARITY Act is settled, leaving smaller details to be worked out. Still, Senate delays, internal disagreements, and a possible government shutdown mean the timeline remains uncertain.
Who does this affect?
The bill would affect everyday crypto users and the roughly 15 million Americans who use, invest in, or trade digital assets, as well as major exchanges and DeFi platforms. It also matters to institutional investors, custody providers, stablecoin issuers, and token projects because it decides whether assets fall under the SEC or the CFTC. Regulators, lawmakers, and crypto companies will all be directly involved in implementing and responding to the new rules if the CLARITY Act becomes law.
Why does this matter?
Clear federal rules could reduce legal uncertainty, encourage investment and innovation, and draw more institutional money into the crypto market. By defining which assets are commodities or securities and setting standards for DeFi, trading, and custody, the bill could reshape product offerings, market structure, and liquidity. But delays or a watered-down law could prolong regulatory risk and volatility, so the final form of the bill will have big consequences for prices, market participation, and U.S. competitiveness.