Macquarie (MQG) expects the U.S. Senate’s crypto push to accelerate, as recent closed-door discussions between Democrats and Republicans on a compromise market structure bill mark a significant step toward a bipartisan deal, the investment bank said in a report last week.
The bank touted a Dec. 8 meeting of Democratic negotiators, including Senators Kirsten Gillibrand, Mark Warner and Ruben Gallego, and a separate meeting between senators and Wall Street executives such as Jane Fraser of Citigroup (C), Brian Moynihan of Bank of America (BAC) and Charlie Scharf of Wells Fargo (WFC) as evidence that lawmakers are moving closer to a deal that could shape the next phase of U.S. digital asset legislation.
The Senate’s compromise efforts on a market structure bill are seen as a “material catalyst for the U.S. crypto ecosystem,” analysts led by Paul Golding wrote.
The bank noted that the Senate Agriculture Committee has already released a bipartisan plan that would give the Commodity Futures Trading Commission (CFTC) additional authority over digital products, accompanying the Senate Banking Committee’s Responsible Financial Innovation Act of 2025, which outlines the Securities and Exchange Commission’s (SEC) approach to digital or “ancillary assets.”
Analysts expect the Agriculture Committee’s bill to be revised upwards in early 2026 and bring its bill closer to that of the Senate Banking Committee.
At the same time, analysts have reported that federal agencies are close to rolling out rules to implement the GENIUS Act.
Acting FDIC Chairman Travis Hill told the House Financial Services Committee on Dec. 2 that the agency plans to release a proposal on prudential standards for stablecoins in early 2026. Macquarie also highlighted comments from the National Credit Union Administration that it is making progress, and from Federal Reserve Vice Chair Michelle Bowman that the central bank is working with other regulators on a framework for banks to issue and transact stablecoin transactions.
The bank sees a possible Senate Banking Committee compromise on the Market Structure bill as a key catalyst for the U.S. crypto market, arguing that it could finally settle turf battles between the SEC and CFTC and create a viable “investment contract asset pathway” for token decentralization, opening the door to greater institutional participation under clearer oversight.
The bank cautioned that the bill still needs to be approved by committee, reconciled with Agriculture language and passed by a closely divided Senate in a midterm election year, even as banks push for stable coin yields and favorable custodial treatment.
Despite this, Macquarie believes there is a good chance that a Senate-amended Market Structure Bill will be passed and sent to conference towards the end of the first quarter until mid-2026, with a comprehensive set of crypto laws potentially coming into force shortly after.
The Federal Deposit Insurance Corp., which regulates thousands of banks in the United States, yesterday released its first proposed rule governing the stablecoin issuance application process.
Learn more: MiCA will create or destroy euro-pegged stablecoins by 2026: DECTA
