According to @EleanorTerrett, a closed-door bipartisan Senate meeting signaled the crypto market structure bill’s pre-Christmas markup is unlikely, with a leaked GOP compromise showing DeFi front-end sanctions compliance in exchange for protecting software developers and self-custody, while Democrats seek agency representation and ethics provisions; staff fatigue and timing constraints may push markup into January. Source: Eleanor Terrett on X; Politico; BA Policy Summit remarks via Eleanor Terrett. Senator Cynthia Lummis aims to release draft text this week for industry vetting, but timelines look ambitious post-meeting, and Senate Agriculture Chair John Boozman indicated his panel will likely move its own markup to next year due to unresolved issues. Source: Eleanor Terrett on X; Bloomberg Tax. Separately, President Trump has begun final Fed Chair interviews with Kevin Warsh and Kevin Hassett, with other finalists including Christopher Waller, Michelle Bowman, and Rick Rieder, and an early-January decision expected alongside a widely anticipated 25 bp rate cut to 3.5–3.75 percent. Source: Financial Times; Eleanor Terrett on X. The CFTC launched a pilot allowing BTC, ETH, and USDC as eligible derivatives collateral and will assess tokenized Treasuries and money market funds under strict custody and weekly reporting in the first three months. Source: CFTC; Eleanor Terrett on X. The OCC clarified that national banks may conduct riskless principal crypto transactions for non-security digital assets, aligning treatment with existing securities practices and enabling banks to broker client crypto flows without inventory risk. Source: US Office of the Comptroller of the Currency; Eleanor Terrett on X. Industry reaction framed the CFTC and OCC steps as advancing toward a cohesive global market structure. Source: Jeremy Ng on X; Eleanor Terrett on X.