The U.S. Cryptocurrency Market Structure Act enters a critical phase, with NYDIG warning that June–August is the final legislative window.

Mars Finance News: Greg Cipolaro, Head of Research at financial services firm NYDIG, said that the most realistic window for the U.S. Senate’s Crypto Market Structure Bill to pass is from June to the beginning of August. If it cannot be advanced during this period, it may face uncertainty after the midterm elections, or even longer. Previously, White House crypto adviser Patrick Witt suggested July 4 as an ideal legislative date, but NYDIG believes this target is more of an “optimistic expectation,” since it would need to clear multiple hurdles, such as committee review, a full-chamber vote, and House procedures. The bill is intended to clarify the U.S. regulatory framework for crypto assets and is viewed as one of the most critical pieces of legislation this year, but it has been delayed multiple times due to disagreements over stablecoin regulation, ethical provisions, and DeFi rules. The Senate Banking Committee has advanced the relevant draft to a full Senate vote, but at least 60 votes are still required to pass. Analysts note that if the bill cannot pass before the election cycle, changes in Senate control between Republicans and Democrats could further reduce legislative certainty, leaving the industry in a state of “regulatory ambiguity.” However, once the bill is ultimately passed and signed into law, it will bring regulatory clarity to the market—especially with Bitcoin expected to be explicitly classified as a commodity, thereby reducing uncertainty for institutional participation.