According to the source, the US Senate has reportedly unveiled a crypto market structure draft bill; traders should verify the official text on Congress.gov and the relevant Senate committee pages when posted, as no bill text was provided in the source announcement, source: Congress.gov. Once published, focus on five trading-critical sections commonly seen in prior U.S. market-structure proposals: (1) CFTC spot-market authority over digital commodities, (2) SEC oversight for assets deemed securities, (3) registration and supervision standards for exchanges/brokers, (4) stablecoin issuer requirements, and (5) custody and safeguarding rules; these elements were central in the Lummis-Gillibrand Responsible Financial Innovation Act (RFIA) and the House FIT21 framework, source: Office of Sen. Cynthia Lummis summary of RFIA; House Financial Services Committee overview of FIT21. Expect the bill to follow the standard legislative path of referral, hearings, markups, and floor consideration; traders can track status changes and calendar events on Congress.gov’s bill tracker for time-sensitive developments, source: Congress.gov.

According to @EleanorTerrett, a Politico-published closing offer outlines six unresolved items in Senate crypto market-structure negotiations, including a non-SDN blacklist and treatment of unlicensed money transmitters under 18 U.S.C. 1960 (source: Politico closing offer document; @EleanorTerrett on X). The meeting included 13 senators from both parties plus David Sacks and Patrick Witt, and attendees indicated there is still work left to do (source: @EleanorTerrett on X). The offer also references the GOP Majority Whip’s Blockchain Regulatory Certainty Act, which seeks to protect non-custodial software developers and codify self-custody (source: Politico closing offer document; @EleanorTerrett on X). For trading, emphasis on 18 U.S.C. 1960—central in the Roman Storm and Tornado Cash charges—underscores ongoing enforcement risk for privacy and mixing tools, while potential statutory protections for non-custodial software directly relate to DeFi infrastructure compliance exposure (source: U.S. Department of Justice Aug 2023 Tornado Cash charges; Politico closing offer document; @EleanorTerrett on X).

According to @AltcoinDaily, the U.S. Senate has released a draft crypto market structure bill, but the post does not include a bill number, committee name, or a link to the draft text. Source: Altcoin Daily on X, Nov 11, 2025. Traders should confirm the draft’s existence and details on primary sources that publish official texts and schedules, including Congress.gov and relevant U.S. Senate committee pages. Source: Congress.gov; U.S. Senate official committees. U.S. market regulators caution that digital asset markets are high-risk and news-driven, so waiting for the official text before adjusting BTC and ETH exposure aligns with regulator guidance to verify information and understand risks. Source: U.S. CFTC Customer Advisories on digital assets; U.S. SEC Office of Investor Education investor alerts. When the draft is posted, assess any sections on asset classification and market oversight, as those determine SEC and CFTC jurisdiction and exchange obligations under existing securities and commodities laws. Source: U.S. Senate Committee on Banking, Housing, and Urban Affairs jurisdiction; U.S. Senate Committee on Agriculture, Nutrition, and Forestry jurisdiction.