US Crypto Bill Nears Markup as Key Disputes Remain Unresolved

• Senate Republicans plan January 15 markups for the crypto structure bill.
• Ethics rules tied to President Trump, DeFi oversight, and stablecoin yield are the main blockers.
• Democrats need leverage now, because a Senate floor vote later requires 60 votes.

Talks on a US crypto market structure bill are near a deadline, but key disputes remain unresolved. Senate Republicans plan to push ahead with committee markups on January 15 and while Democrats have joined months of talks, several issues still block clear bipartisan support.

According to a CoinDesk report, the next few days decide whether this bill moves forward cleanly or fractures along party lines. Interestingly, Senate Banking Chair Tim Scott has set a January 15 markup. The Agriculture Committee, which controls the Commodity Futures Trading Commission side of the bill, may move the same day.

Republicans have accepted dozens of Democratic requests so far. Still, unresolved points now carry more weight because a Senate floor vote later requires at least 60 votes. Without several Democrats, the bill stalls.

Ethics and Political Red Lines

Democrats want strict ethics language to block senior officials from personal crypto profits. This demand centers on President Donald Trump and family activity in digital assets.

Republican negotiators say the White House rejected compromise language. Party leadership shows no intent to target its own president. This issue alone could cause walkouts. Lobbyists close to talks say Republicans see this as non‑negotiable.

DeFi Oversight Risk and the Stablecoin Yield Fight

Democrats seek oversight close to rules for federally regulated firms. For now, definitions remain unclear, and scope remains wide. Crypto firms warn that broad language could capture open‑source software and push developers offshore.

Industry sources say this section could flip crypto support against the bill if miswritten. Meanwhile, the GENIUS Act bans stablecoin issuers from direct interest payments. Current drafts allow affiliates to offer rewards or yield.

Crypto firms already plan products under that reading. Banks warn this drains deposits and harms their core model.

Some Democrats support bank concerns and seek tighter limits. Industry groups say Congress already settled this point and reopening it adds uncertainty. Lobbyists warn a reversal weakens US dollar use on blockchains.

Related: Trump’s Wealth Has Tripled Driven By Crypto Ventures—Says Bernie Sanders

Regulator Control and Staffing

The bill gives primary crypto oversight to the CFTC. Democrats want full bipartisan staffing at both the CFTC and SEC. President Trump has shown resistance to appoint Democrat commissioners.

Republicans question why staffing rules belong in statute if existing law already covers them. This dispute links directly to trust. Democrats argue that enforcement power means little without balanced leadership. On the other hand, a separate draft from Senate Agriculture Chair John Boozman lacks Democrat buy‑in, including from Cory Booker, who leads talks for his party.

This opens the door to a partisan markup. Banking and Agriculture must both approve versions before a combined bill reaches the Senate floor. Without bipartisan marks in committee, final passage grows harder.

The House already passed its market structure bill with a wide margin. Senate passage remains the real test. A rushed markup without Democrats may move the process forward short term but damage long‑term odds.

Related: Trump-Linked Crypto Firm Hired Auditor Flagged for Past Violations: Report