U. S. Lawmakers Move Closer to Crypto Regulation

The U. S. Senate is making progress on crypto regulations. Recent meetings between Democrats and Republicans show a push for a market-structure bill. This could be a big step for the crypto world. Macquarie, an investment bank, thinks these talks are important. They could lead to a deal that shapes future crypto laws. The Senate Agriculture Committee has already drafted a bill. It would give the Commodity Futures Trading Commission (CFTC) more power over digital commodities. The Senate Banking Committee is also working on a bill. It outlines the Securities and Exchange Commission's (SEC) approach to digital assets. Analysts expect the Agriculture Committee to review its bill early in 2026. They also expect it to align with the Banking Committee's bill. Federal agencies are also working on rules for stablecoins. The FDIC plans to propose standards for stablecoin prudential in early 2026. The National Credit Union Administration and the Federal Reserve are also making progress. They are working on a framework for banks to issue and transact in stablecoins.Macquarie sees this as a positive development. It could settle the turf battle between the SEC and CFTC. It could also create a clear path for token decentralization. This could attract more institutional investors. However, the bill still has to clear several hurdles. It needs to pass the committee, be reconciled with the Agriculture Committee's language, and pass the Senate. It's also a midterm election year, which adds uncertainty. Despite these challenges, Macquarie believes there's a good chance the bill will pass. It could be sent to conference by mid-2026. A full crypto-law package could follow soon after. The Federal Deposit Insurance Corp. (FDIC) has taken a step forward. It issued its first proposal for a rule governing stablecoin issuance. This is a significant development in the crypto regulatory landscape.