According to CNBC, lawmakers just dropped a much-awaited crypto market structure bill draft from the Senate Agriculture Committee. The discussion draft isn’t final legislation but represents a significant step toward establishing standards that could reduce “rug pulls” and other scams. Key provisions around anti-money laundering rules and decentralized finance regulations remain bracketed and unresolved. Industry players like Moonpay President Keith Grossman are already working with lawmakers to refine the details. The committee will spend weeks gathering feedback, making it “almost impossible” to pass final legislation this year. This draft will eventually combine with the Senate Banking Committee’s work to create one comprehensive bill.
What this actually means
Here’s the thing – we’ve been waiting for proper crypto regulation for what feels like forever. And this draft? It’s basically Congress finally putting something concrete on the table. Not perfect, not final, but it’s movement. The fact that they’re specifically targeting scam reduction tells you they understand one of the biggest problems regular people face in crypto.
But let’s be real – the bracketed sections are where the real battles will happen. Anti-money laundering rules? DeFi regulations? Those are the billion-dollar questions. How do you regulate something that’s fundamentally designed to be decentralized without breaking it? That’s the challenge lawmakers are wrestling with right now.
How the industry’s responding
What’s interesting is how crypto companies are reacting. They’re not fighting this – they’re embracing it. Moonpay’s president called it bipartisan and said they’re looking forward to working with the committee. Grayscale’s legal chief acknowledged that even without comprehensive legislation, there’s been progress through agencies like the SEC and Treasury.
Basically, the industry seems tired of regulatory uncertainty. They want clear rules, even if those rules are strict. Because right now? The ambiguity is worse than almost any specific regulation could be. Companies can’t build long-term strategies when they don’t know what’s legal from one month to the next.
The long road ahead
So when can we expect actual laws? Probably not anytime soon. The process of combining this draft with the Banking Committee’s work, then getting through both chambers of Congress? That’s a marathon, not a sprint. We’re talking months, maybe even into next year.
But the direction is clear – the US wants to establish itself as a crypto-friendly jurisdiction with proper guardrails. The question is whether they can move fast enough to keep up with an industry that evolves at lightning speed. Meanwhile, other countries aren’t waiting around. The race to become the crypto capital of the world is very much on.
