DC Insider On When The Crypto Market Structure Bill Will Pass | Patrick Witt

Key Takeaways

• Senate markup delayed after disputed language; staff convened banks and crypto across three meetings and drafted compromise text to resolve stablecoin rewards without reopening the Genius Act.
• Compromise permits activity-based rewards for stablecoins while preserving core stablecoin functions; text was reviewed line-by-line to avoid disrupting ongoing rulemaking.
• Timelines: stablecoin deadline March 1; markup timing depends on Chairman Scott (possible March/April). Next steps: committee passage, reconciliation, Senate floor scheduling, then presidential signature.
• Developer protections prioritized—VRCA and self-custody limits on regulator reach—to prevent brain drain and keep builders and institutional capital in the U.S.
• Negotiations revealed partisan flashpoints: some Democratic counterproposals were overbroad (family and reporting bans); ethics concerns involving the Trump family could affect votes.
• Meetings enforced strict decorum during text review; staff is refining remaining title sections and stakeholders' concerns were largely incorporated into vetted text.
• Industry note: Gemini launched a metal credit card offering instant Bitcoin rewards with no annual or exchange fees and token-specific reward options.

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