According to the source, U.S. Senators have set a January committee markup for a crypto market structure bill, establishing a defined policy calendar that traders can track for regulatory catalysts, source: public tweet dated Dec 19, 2025. A markup is a formal committee session where members debate, amend, and decide whether to report a bill to the full chamber, which marks a material legislative milestone, source: Congressional Research Service, Committee Markups overview. Regulatory policy events are treated as event risk by markets; crypto majors BTC and ETH and U.S.-listed crypto-exposed equities like Coinbase (COIN) and MicroStrategy (MSTR) are typical watchlist assets for such windows, source: Investopedia, Event Risk; Coinbase 2023 Form 10-K; MicroStrategy 2024 quarterly filings; CME Group BTC and ETH futures product references. Similar U.S. market structure proposals such as FIT21 aimed to delineate SEC and CFTC oversight for digital assets, underscoring why Senate progress on market structure is directly relevant to liquidity, listings, and token classifications, source: U.S. House of Representatives vote records and FIT21 summaries.

According to @jchervinsky, the US Senate is working intensively on the crypto market structure bill, but growing complexity makes a December markup unlikely. Source: @jchervinsky, Dec 4, 2025. He states three unresolved issues are holding up the bill: stablecoin yield, conflicts of interest, and DeFi. Source: @jchervinsky, Dec 4, 2025. For trading, this indicates near-term regulatory clarity is not expected this month and that current policy debate centers on yield-bearing stablecoins, exchange conflict rules, and DeFi oversight, which define the immediate regulatory catalysts to track. Source: @jchervinsky, Dec 4, 2025.