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#Gate广场五月交易分享 U.S. Cryptocurrency Regulation Faces a Key Milestone in May: Progress on the Market Structure Bill, Predictions of Market Ban Implementation
U.S. cryptocurrency regulation reaches a critical point in May: advancing the Market Structure Bill, with forecasts of a market ban implementation. Washington in May is becoming the focal battleground for the crypto industry. The U.S. market structure bill has significantly gained momentum in the Senate Banking Committee, with legislators aiming to hold a hearing for review in mid-May.
Committee Chairman Tim Scott stated that the bill has entered the "red zone," hoping to submit it for Senate vote in June or July.
Core Controversies: Three Major Obstacles to Overcome
Despite strong push efforts, several core disputes remain unresolved. How to define the allocation of stablecoin yields, how to incorporate moral clauses, and how to handle the crypto interests linked to the Trump family have become key variables influencing the bill’s direction.
Senator Thom Tillis explicitly urged the committee chair to advance the review but warned, "If the bill does not include moral clauses, I will oppose it." Senator Angela Alsobrooks also emphasized that to secure votes from both parties, illegal finance and moral issues must be addressed. Senator John Kennedy, due to disagreements over housing legislation, is currently not supporting crypto legislation. The industry generally remains cautious. Industry estimates suggest the bill’s passage probability is only 15% to 25%, down from Galaxy Research’s previous estimate of about 50%, which has been significantly lowered after recent disputes intensified.
Trump’s Interests and the Moral Sword Hanging Over the Bill Bloomberg estimates that Trump profits at least $1.4 billion from his crypto projects, including the DeFi stablecoin project World Liberty Financial and a 20% stake in mining company American Bitcoin. This vested interest has been repeatedly mentioned during Senate debates, serving as a catalyst for pushing moral clauses.
Senate Moves Quickly: Banning Senators from Trading Prediction Markets
Meanwhile, the U.S. Senate unanimously passed S. Res. 708, a resolution banning senators from trading in prediction markets, effective immediately. The proposal was introduced by Ohio Republican Senator Bernie Moreno, aiming to curb insider trading.
The trigger was: a Polymarket account bet on Venezuelan President Maduro’s ousting, profiting $400k, raising concerns over insider information. Last week, U.S. Army soldier Gannon Ken Van Dyke was arrested over this incident. Kalshi’s founder called it "an important step," and Polymarket expressed full support. If the market structure bill advances as scheduled in May, it will mark a critical turning point in U.S. crypto regulation, shifting from "law enforcement-led" to "legislation-led." However, the game over moral clauses and the political controversy surrounding Trump’s family interests may delay negotiations.
For miners and crypto practitioners, the legislative window from May to July will directly influence the shaping of the industry’s compliance framework. According to previous reports, the White House crypto advisor recently indicated that other obstacles to the Clarity Act are gradually being cleared, but the tug-of-war over moral clauses continues.
The U.S. crypto regulation reaches a critical point in May: the progress of the Market Structure Act and predictions of a market ban being implemented. Washington in May is becoming the focal battleground for the crypto industry. The U.S. crypto Market Structure Act is gaining significant momentum in the Senate Banking Committee, with legislators aiming to hold a review hearing in mid-May.
Chairman Tim Scott said the bill has entered the "red zone," hoping to submit it for Senate vote in June or July.
Core disputes: three major hurdles to overcome
Despite strong push efforts, several key disagreements remain unresolved. How to define the attribution of stablecoin yields, how to incorporate moral clauses, and how to handle the crypto interests linked to the Trump family have become critical variables influencing the bill’s direction.
Senator Thom Tillis explicitly demanded the committee chairman to advance the review but warned, "If the bill does not include moral clauses, I will oppose it." Senator Angela Alsobrooks also emphasized that to secure bipartisan votes, illegal finance and moral issues must be addressed. Senator John Kennedy, due to disputes over housing legislation, currently does not support crypto legislation. The industry generally remains cautious. Industry estimates put the bill’s passage probability at only 15% to 25%, down from Galaxy Research’s previous estimate of about 50%, which has been significantly lowered after recent disputes intensified.
Trump’s interest links: the moral sword hanging over the bill
Bloomberg estimates that Trump has profited at least $1.4 billion from his crypto projects, including the DeFi stablecoin project World Liberty Financial and a 20% stake in mining company American Bitcoin. This financial relationship has been repeatedly mentioned during Senate debates, serving as a catalyst for pushing moral clauses.
Senate takes urgent action: banning senators from trading prediction markets
Meanwhile, the U.S. Senate unanimously passed S. Res. 708, a resolution banning senators from trading in prediction markets, effective immediately. The proposal was introduced by Ohio Republican Senator Bernie Moreno, aiming to curb insider trading.
The trigger was: a Polymarket account bet on Venezuelan President Maduro’s "resignation" and profited $400k, raising concerns over insider information. Last week, U.S. Army soldier Gannon Ken Van Dyke was arrested over this. Kalshi’s founder called this "an important step," and Polymarket expressed full support. If the Market Structure Act proceeds as scheduled in May, it will mark a key turning point in U.S. crypto regulation from "enforcement-led" to "legislation-led." However, the game over moral clauses and the political controversy over Trump family interests may delay negotiations.
For miners and crypto practitioners, the legislative window from May to July will directly influence the shaping of the industry’s compliance framework. Bitu previously reported that the White House crypto advisor recently indicated that other obstacles to the Clarity Act are gradually being cleared, but the tug-of-war over moral clauses continues.