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

Golden Finance reports that on April 27th, 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 its passage 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.
At least since December last year, Memorial Day on May 25th has been seen as the “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 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 is still unclear how far the committee is from advancing the bill.
The stablecoin yield issue remains the main focus of discussions, and other unresolved issues are also not yet publicly addressed.
Even if these issues are resolved, the House will still need to vote on the bill again.
French Hill, chairman of the House Financial Services Committee, earlier this month said that many unresolved issues surrounding stablecoins and DeFi sales have been addressed in the House version of the bill, and the Senate should be able to find consensus.