The U.S. Senate has postponed the consideration of the cryptocurrency market structure bill until next year

According to CoinDesk, the U.S. Senate Banking Committee will hold a revised hearing on legislation defining how federal regulators oversee the market structure of the cryptocurrency industry next year. Previously, many had hoped for a hearing later this week, but it ultimately did not materialize.

A committee spokesperson stated in a release on Monday, "Chairman Tim Scott and the Senate Banking Committee have made significant progress with their Democratic colleagues on this bill," but lawmakers are still negotiating. Although the delay was anticipated, it remains a significant blow to the crypto industry. The industry at least hoped to see a revised hearing, especially since there were expectations for a comprehensive new law to be introduced by 2025, but no substantial progress has been made. It is still unclear how quickly lawmakers will be able to restart negotiations in the new year. Upon returning after the congressional recess, the top priority will be to fund the U.S. government, as a current appropriations bill is set to expire on January 30. Assuming the government does not shut down again, lawmakers will have limited time to address market structure issues before the midterm elections next year become the primary focus.