The encryption market structure bill faces obstacles, and May 25 may be the "deadline" for progress.

Mars Finance News: There has been almost no public progress on the crypto market structure bill over the past month.
Although it is difficult to predict the bill’s future, the window for passing it is narrowing.
Many actions surrounding market structure issues—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 crypto industry’s goals 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 a “deadline” for legislative progress.
After the summer, lawmakers will leave Washington to campaign, leaving little time for 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 this bill to pass.
Over 100 institutions signed a joint 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 is still unclear how far the committee is from advancing the bill.
Stablecoin yield issues remain the main topic of discussion, and other unresolved issues have not been publicly addressed yet.
Even if these issues are resolved, the House will still need to vote on the bill again.
Earlier this month, Chair of the House Financial Services Committee French Hill 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.