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

Jinse Finance reported that the U.S. Senate Banking Committee will not hold a markup hearing on legislation defining how federal regulators oversee the market structure of the cryptocurrency industry until next year. Previously, many had hoped for a hearing later this week, but it ultimately did not take place. A spokesperson for the committee stated in a statement on Monday, "Chairman Tim Scott and the Senate Banking Committee have made significant progress on this bill with their Democratic colleagues," but lawmakers are still negotiating. Although this delay was expected, it is still a heavy blow to the crypto industry. The industry had at least hoped to see a markup hearing, especially since there was originally an expectation for comprehensive new legislation to be introduced in 2025, but no substantial progress has been made. It is still unclear how quickly lawmakers can resume negotiations in the new year. After Congress returns from the holiday recess, the top priority will be to fund the U.S. government, as the current appropriations bill will expire on January 30. Assuming the government does not shut down again, the time available for lawmakers to address market structure issues before the midterm elections become the main focus next year remains limited.