U.S. Congress Sets January 15 Markups for Competing Crypto Market Structure Bills

Washington is approaching a pivotal moment for U.S. digital asset policy, as Congress prepares to revive long-stalled efforts to regulate the crypto sector.

After months of negotiation setbacks, lawmakers are signaling renewed momentum, with key legislative action expected next week.

Two Senate committees are moving forward at the same time with competing crypto bills. The Senate Agriculture Committee and the Senate Banking Committee have both scheduled markup hearings for January 15.

The Agriculture Committee, which oversees the Commodity Futures Trading Commission, will begin formal review of its proposal, putting market oversight front and center. Meanwhile, Senate Banking Chair Tim Scott plans to mark up his committee’s bill the same day, highlighting growing pressure to bring regulatory clarity to the crypto industry.

Competing Approaches to Crypto Oversight

While both committees aim to close long-standing regulatory gaps, they take very different approaches, especially in dividing authority between the CFTC and the SEC.

The Banking Committee’s bill proposes a new category called “ancillary assets” to clarify which cryptocurrencies would not be treated as securities under SEC rules.

The Agriculture Committee, by contrast, focuses on expanding the CFTC’s authority over crypto markets. However, as of November, its draft still included many unresolved sections, signaling ongoing disagreement over key policy issues.

If both committees pass their bills, lawmakers would then need to merge them into a single Senate proposal. That unified bill would have to pass the full Senate before moving to the House.

The House has already passed its own crypto framework—the Digital Asset Market Clarity Act—last summer. Final approval would require both chambers to agree on a common version before sending the bill to President Donald Trump for signature.

Stablecoins Emerge as a Flashpoint

Beyond questions of regulatory authority and political ethics, stablecoin oversight is likely to be a major source of contention during the markups.

For context, earlier this week, the American Bankers Association’s Community Bankers Council urged senators to revisit provisions in the GENIUS Act — stablecoin bill passed last summer.

Banking groups contend that loopholes in the bill could enable crypto firms to offer rewards linked to stablecoin holdings. They warn that this practice could draw deposits away from community banks. According to the council, shrinking deposits could limit banks’ ability to lend locally, therefore affecting small businesses and households.

The crypto industry has pushed back against those claims. Coinbase Chief Policy Officer Faryar Shirzad argued that banks’ opposition is rooted in competitive concerns rather than genuine financial risk.

In a post on X, Shirzad said warnings about financial instability are being overstated. Moreover, he maintained that preserving the GENIUS Act would lower costs and expand consumer choice. In addition, he emphasized that it would help create a more efficient U.S. payments system.

As Congress moves toward critical votes, the coming weeks are likely to determine whether long-sought crypto regulation can finally clear Washington—or remain mired in competing priorities and political tension.