The U.S. cryptocurrency market structure bill made progress at a Senate hearing, as lawmakers weigh the pros and cons of the legislation

According to CoinDesk, negotiations on the CLARITY Act, a U.S. cryptocurrency market structure bill, have been ongoing for weeks and are currently in a state of "almost reaching an agreement."

Informed sources say that the updated legislative text was submitted to the White House for review on Thursday, and Republican members of the Senate Banking Committee held a meeting that day to discuss how to bridge the final gaps. A long-standing dispute over stablecoin yields is nearing a compromise, but lawmakers are still discussing what other concessions can be offered to community banks in exchange for their support, which may include provisions related to recent housing legislation. Democrats continue to demand a ban on government officials profiting from personal cryptocurrency interests (mainly targeting Trump) and require the appointment of a Democratic commissioner to fill a vacancy before the CFTC passes new regulations. Senator Lummis stated that the Coinbase CEO has been more flexible in recent negotiations. Meanwhile, the SEC released its first definition of cryptocurrency asset classification this week. The SEC chairman stated that only Congress can rewrite the law, but in the meantime, regulators are providing a responsible regulatory path that the market needs.