The encryption market structure bill faces obstacles, and May 25th may be the "final deadline" for its advancement.

BlockBeats News, April 27 — There has been almost no public progress on the crypto market structure bill over the past month. Although predicting the bill is quite difficult, the window for its passage is narrowing. Many actions surrounding the market structure issue — such as statements from the U.S. Securities and Exchange Commission (SEC) staff — are not permanent guidance. The SEC has time to issue rules that require public notice and comment periods, but this will take time. Legislation on market structure aims to turn the goals of the crypto industry and regulatory rules into law, making it more difficult for future governments to overturn these rules. In other words, without the Clarity Act, we could still be having the same discussions years from now.

Since at least December last year, Memorial Day on May 25 has been seen as the “deadline” for legislative progress. After the summer, lawmakers will leave Washington to campaign, leaving little time to focus on crypto legislation (or most other legislation). Before Congress adjourns, the House still needs to consider a bill funding the Department of Homeland Security, and the Senate must decide whether Kevin Warsh will serve as the next Federal Reserve Chair.

The crypto industry is eager for the bill to pass. Over 100 institutions signed an open letter last week urging the Senate Banking Committee to hold a hearing on the bill, which would be the first step in the overall passage process. But it’s still unclear how far the committee is from advancing the bill. Stablecoin yield issues remain the dominant topic of discussion, and other unresolved issues are also not publicly addressed. Even if these issues are resolved, the House will need to vote on the bill again. House Financial Services Committee Chair French Hill earlier this month said that many unresolved issues related to stablecoins and DeFi sales have been addressed in the House version of the bill, and the Senate should be able to find consensus.