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US Digital Asset Market Bill Stalled Amid Election Gridlock

Major US crypto legislation stalls, effectively on hold amid election-year gridlock.

  • Progress on comprehensive US crypto market structure legislation is effectively “on hold” according to industry observers, slowed by government gridlock and cooled market urgency.
  • A key Senate panel cancelled a markup in January, and the election-year calendar leaves few working days before the November midterms.
  • The debate has been complicated by stablecoin yield provisions and at least three reported meetings at the White House between Trump officials and industry representatives.

Efforts to pass a major US digital asset market structure bill have stalled in the Senate, with industry insiders in Washington now describing the process as effectively “on hold.” This legislative slowdown follows eight months of partisan divides, a government shutdown, and complex debates over stablecoin regulation. Consequently, the momentum from the House’s passage of the CLARITY Act last summer has significantly dissipated.

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Rebecca Liao, CEO at Web3 protocol Saga, stated that earlier market enthusiasm created urgency, but “now that the markets have cooled significantly… a lot of the wind has been taken out of the sails.” She emphasized the difficulty of passing complex legislation in an election year on a topic many find obscure. Meanwhile, the Senate Banking Committee has yet to address its securities bill after cancelling a key markup session in January.

However, some industry figures remain optimistic, like Coinbase CEO Brian Armstrong, according to Digital Chamber CEO Cody Carbone. Carbone spoke after an event where Ohio Senator Bernie Moreno suggested Congress could pass a bill “hopefully by April.” The legislative calendar is further compressed by a planned August recess and the looming November elections. Stablecoin debates rage on, complicating the matter with the Trump administration in the middle after several White House meetings.

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