- Congressional committees have advanced nominations for key crypto regulators, but full Senate confirmation is pending.
- The window for passing crypto market structure legislation in 2024 is closing rapidly, with limited days left in both legislative chambers.
- Senate committees continue to negotiate draft legislation for market structure rules, with no confirmed markup hearings before January.
- The Senate plans to vote on a resolution to confirm regulatory nominees including the CFTC and FDIC chairs next week.
Congressional committees have made progress in moving nominations for regulators overseeing cryptocurrency, but the full Senate has yet to confirm these appointments. As December advances, the legislative calendar for both the House and Senate is nearly exhausted, leaving little time to finalize market structure laws for crypto in 2024.
Central to ongoing discussions is market structure legislation—a package of rules that would shape how crypto markets operate. While draft versions of this bill exist, it is apparent that the legislation will not become law before at least 2025. The Senate Banking Committee had tentatively set December 18 as a markup date to amend and review its version. However, negotiations over the bill’s details are still underway. Similarly, the Senate Agriculture Committee has not publicly advanced its draft since its initial release.
In parallel, the Senate is moving forward on confirming presidential nominees for key regulatory agencies. Mike Selig for the Commodity Futures Trading Commission (CFTC) and Travis Hill for the Federal Deposit Insurance Corporation (FDIC) are both included on a broader Senate Resolution designed to confirm nearly 100 appointees in one vote. This vote, originally scheduled for this week, has been postponed to sometime next week.
The Senate vote will be important for filling leadership roles that will influence future crypto regulatory policies and market oversight. Meanwhile, legislative efforts for comprehensive crypto market rules remain pending, constrained by the limited number of working days left in the congressional session.
For more information about the legislative calendar, visit the House schedule and the Senate calendar.
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