The next move for crypto could start with a PDF, not a price candle

The Senate is expected to release the merged market structure draft any day now, combining the Banking and Agriculture Committee versions
More than 70 new pages have reportedly been added, with a much stronger focus on consumer protections
If the timeline holds, a floor vote could happen around July 20
That leaves only a few working weeks before the August recess slows everything down
The biggest fight isn’t even about crypto itself
It’s whether public officials should be allowed to hold crypto while in office
That debate intensified after Trump’s 2025 financial disclosure reported roughly $1.4B in crypto-related income
The bill still needs 60 votes to pass
Right now, Republicans and only two Democrats are publicly on board
This is the closest crypto market structure legislation has ever come to becoming US law
But the draft comes first
Watch the text this week
That’s where the real signal is🧘‍♂️