Senate Banking Committee Eyes April Breakthrough on Crypto Market Structure Bill

Senate Banking Committee member Bill Hagerty signaled Monday that Congress is zeroing in on an April timeline to advance comprehensive crypto market structure legislation—marking a potential inflection point after months of legislative gridlock.

Speaking at the Digital Assets and Emerging Tech Policy Summit at Vanderbilt University, the Tennessee Republican outlined an aggressive timeline: moving the bill through committee starting next week, with expectations to clear the banking panel by April. "There're several issues still outstanding, I think none of them are insurmountable," Hagerty said, adding that lawmakers are "very close" to resolving remaining disputes.

The Regulatory Overhaul Taking Shape

The bill—originally titled the CLARITY Act when it passed the House in July—represents one of the most consequential pieces of crypto legislation in development. It would fundamentally reshape market oversight by transferring primary regulatory authority from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).

This dual-agency framework means the bill needs approval from both the Senate Agriculture Committee (commodities) and the Senate Banking Committee (securities). The agriculture committee already advanced its version in a January markup, but the banking committee has dragged its feet amid persistent tensions over stablecoin yield mechanisms, tokenized equities, and ethics concerns.

Political Calculus Meets Regulatory Reality

Hagerty's timeline isn't arbitrary. "We're going into the midterms," he said. "I think if we get this done in April, we can clearly get this taken care of before the midterms." His comments align with recent remarks from Coinbase chief legal officer Paul Grewal, who indicated lawmakers were "close to a deal" on contentious stablecoin issues.

The crypto industry is clearly applying pressure through organized political channels. Fairshake, the crypto-backed PAC that deployed over $130 million on media buys during the 2024 elections, has amassed a $193 million war chest for the 2026 midterms. Meanwhile, the Fellowship PAC—which raised "over $100 million" from undisclosed crypto-aligned backers—recently appointed Tether executive Jesse Spiro as chair, signaling intensified lobbying efforts heading into election season.

Stand With Crypto, a Coinbase-backed advocacy group, has been explicit: how lawmakers vote on this legislation could directly impact their viability in the 2026 midterms. This framing positions crypto market structure as a potential kingmaker issue in future elections.