According to the source, Sen. Cory Booker privately voiced deep concern at Day 2 of the Blockchain Association event about an issue that could derail the U.S. crypto market structure bill. Source: public X post dated Dec 9, 2025 describing Booker's comments at the Blockchain Association event. This signals heightened legislative uncertainty for the bill’s path, with potential delays or alterations that matter for exchange oversight and token listing standards in the U.S. market. Source: Congressional Research Service, Introduction to the Legislative Process in the U.S. Congress, outlining how unresolved objections can stall or change legislation. Traders should monitor the U.S. Senate legislative calendar and relevant committee updates for any markup, amendment, or scheduling changes that could affect regulatory timelines for digital asset market structure. Source: U.S. Senate Legislative Calendar and committee jurisdiction pages.

According to Jake Chervinsky, Sen. Cory Booker has committed to protecting software developers in ongoing crypto policy discussions. Source: Jake Chervinsky on X, Dec 9, 2025. Chervinsky argues the only durable path is clarifying that “money transmission” under 18 U.S.C. § 1960 requires custody and control of user assets. Source: Jake Chervinsky on X, Dec 9, 2025; 18 U.S.C. § 1960 (U.S. Code). He states that without this custody-based definition, the current U.S. market structure bill should be a dealbreaker. Source: Jake Chervinsky on X, Dec 9, 2025. For traders, this highlights custody vs. non-custody as the core regulatory line shaping compliance exposure for DeFi front-ends, non-custodial wallets, and other software-only services. Source: Jake Chervinsky on X, Dec 9, 2025.