Senate panel schedules crypto market structure markup

A U.S. Senate Banking Committee notice said senators are continuing negotiations on a crypto market structure bill, with a committee markup planned for January 15 and discussion of language on permitted stablecoin rewards programs.

Scheduling a Senate Banking Committee markup on comprehensive crypto market structure legislation, with specific attention to permitted stablecoin rewards, signals incremental progress toward clearer US regulatory frameworks that have been under negotiation since the House-passed FIT21 and related CLARITY-style efforts. Focus on how stablecoin rewards are treated addresses a key policy friction point around the GENIUS Act’s interest prohibition and could materially shape business models for USD stablecoins and US-facing trading platforms, but legislative outcomes and timing remain uncertain.

• Why it matters now: A scheduled Senate Banking Committee markup signals real progress toward defining U.S. crypto market structure and clarifying stablecoin reward/interest rules, after prior delays and political gridlock. - Likely short‑term reaction: - Elevated headline sensitivity and intraday volatility in major tokens, U.S.-listed exchanges, and stablecoin‑linked names. - Flow skew toward assets perceived most likely to gain regulatory clarity (BTC/ETH, large U.S. venues). - Medium‑term implications: - If advanced, a CLARITY/FIT21‑style framework could formalize CFTC/SEC splits, registration paths, and treatment of permitted payment stablecoins, reducing regulatory overhang but tightening conduct standards. - Assets that benefit vs risk: - Potential relative beneficiaries: - Large centralized exchanges/custodians, token issuers with strong compliance, dollar‑backed stablecoins that can operate within GENIUS‑aligned restrictions. - Higher risk: - Tokens relying on quasi‑yield stablecoin programs, offshore or lightly regulated venues, and projects whose models blur security/commodity lines. - Key uncertainty: - Final language on: - Stablecoin rewards/indirect yield, - Scope of DeFi exemptions and self‑custody protections, - How aggressively banking and illicit‑finance concerns are reflected in the committee draft.