Overview
- Progress on the U.S. market‑structure bill has paused after Coinbase withdrew support and a planned Senate Banking Committee markup was postponed.
- Negotiations remain hung up on whether stablecoin balances can earn yield and on proposed conflict‑of‑interest restrictions for senior officials.
- JPMorgan says mid‑2026 passage could end “regulation by enforcement,” clarify SEC/CFTC oversight, and unlock institutional participation and tokenization.
- The proposal would classify tokens, include a grandfather clause for ETF‑linked assets such as XRP, Solana, Litecoin, Hedera, Dogecoin and Chainlink, and allow new projects to raise up to $75 million annually without full SEC registration.
- Large firms are building anyway: Morgan Stanley has applied for an OCC national trust bank charter to provide crypto custody and staking, with the public comment period open through March 20.