Senate Majority Leader John Thune Says Digital‑Asset Market‑Structure Bill Unlikely to Clear Senate Before April
Washington, DC – March 12, 2026 – Senate Majority Leader John Thune told reporters Thursday that the chamber does not expect the pending digital‑asset market‑structure legislation to be voted on before April. The comment came as the Senate prepared to move forward with the SAVE America Act, a voting‑rights bill that would require in‑person proof of U.S. citizenship for voter registration.
Senate’s Immediate Priorities
According to a report from Punchbowl News, Thune indicated that the SAVE America Act will be placed on the Senate floor next week. “The focus right now is on getting that legislation through,” he said, adding that the crypto‑related market‑structure bill and other bipartisan measures will be tackled only after the SAVE vote.
Thune also hinted that the market‑structure proposal is likely to emerge from the Banking Committee sometime after the April window: “I’m hoping it will come out of the Banking Committee soon, probably not before the April time period.”
Divergent Views Within Congress
Thune’s timeline clashes with remarks made earlier this year by Ohio Senator Bernie Moreno, who expressed optimism that the market‑structure bill would clear Congress by April. The discrepancy reflects the broader uncertainty surrounding the bill’s path. While the Senate Agriculture Committee has already advanced its version of the legislation, the Banking Committee postponed a January markup needed to merge the two bills before a floor vote.
What the Bill Proposes
The legislation, known in the House as the CLARITY Act, passed that chamber in July 2025. Its core objective is to grant the Commodity Futures Trading Commission (CFTC) expanded authority over digital assets, including derivatives, tokenized equities, and stablecoins. However, several provisions—such as the treatment of tokenized equities, ethical safeguards, and rules governing stablecoin yield—have sparked debate among Senate members.
Parallel Legislative Activity
On the same day, the Senate approved an amendment to the 21st Century Road to Housing Act that bars the Federal Reserve from issuing a central‑bank digital currency (CBDC) until at least December 2030. If enacted, the amendment would embed a ten‑year prohibition on a U.S. CBDC into law.
Political Context
President Donald Trump has publicly criticized banks for “holding the bill hostage,” a sentiment echoed in recent social‑media posts. Despite three White‑House‑facilitated meetings between crypto industry leaders and banking representatives, no consensus has emerged on how to move the market‑structure bill forward.
Analysis
The delay underscores the Senate’s current legislative calculus: with the 2026 midterm elections approaching, lawmakers appear reluctant to prioritize crypto regulation amid a crowded agenda that includes voting‑rights reforms and housing policy. The SAVE America Act, which directly impacts the upcoming election, has taken precedence, pushing the market‑structure discussion further down the calendar.
Moreover, the split between Thune and Moreno highlights intra‑party divisions. Thune’s cautious stance may be rooted in procedural hurdles within the Banking Committee, while Moreno’s more optimistic timeline reflects pressure from the crypto sector, which is eager for regulatory clarity.
If the market‑structure bill does not materialize before April, stakeholders can expect continued uncertainty for digital‑asset firms, particularly around the CFTC’s future role and the treatment of tokenized securities. The CBDC amendment also signals a broader legislative reluctance to embrace a U.S. digital dollar, at least in the near term.
Key Takeaways
- Timeline: Senate Majority Leader John Thune does not anticipate a vote on the digital‑asset market‑structure bill before April 2026.
- Priority Shift: The SAVE America Act, focused on voter‑registration reforms, will be placed on the Senate agenda next week, delaying crypto legislation.
- Committee Dynamics: The Banking Committee postponed a crucial markup that would combine the Agriculture and Banking versions of the bill, contributing to the delay.
- Legislative Content: The CLARITY Act seeks to broaden CFTC oversight of digital assets but faces opposition over tokenized equities, ethics, and stablecoin yield provisions.
- Political Divergence: Ohio Senator Bernie Moreno remains hopeful for an April passage, a view at odds with Thune’s more cautious outlook.
- Related Action: The Senate approved an amendment prohibiting a Federal Reserve‑issued CBDC until December 2030, reflecting legislative hesitancy toward a U.S. digital currency.
- Industry Impact: Continued postponement sustains regulatory uncertainty for crypto firms, potentially affecting investment, compliance planning, and market development.
The Senate’s focus on the SAVE America Act suggests that the crypto‑related market‑structure bill will remain in legislative limbo through the spring, leaving the sector to await further guidance on the CFTC’s prospective authority.
Source: https://cointelegraph.com/news/us-senate-thune-crypto-market-structure-april?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
