Crypto Market Structure Bill [CMSB]: Can Congress deliver clarity before the next bull run?

The long-awaited regulatory clarity for crypto just moved a step closer.

Democrats are now privately reviewing a compromise draft of the Crypto Market Structure Bill, a major Republican-led effort.

This marks a rare moment of political progress, arriving at a time when the crypto market is anything but stable.

Hence, the real question isn’t just whether it will pass, but how its passage might collide with, or even amplify, the current fragile market conditions.

What is the AFT’s concern?

Institutional investors may be pushing for regulatory clarity, but they’re facing strong and unexpected opposition from organized labor.

The American Federation of Teachers (AFT) has urged Senate leaders to reject the market structure bill that Wall Street sees as essential.

In a recent letter, AFT President Randi Weingarten warned the bill could expose workers’ pensions to “profound risks” from fraud and unsafe crypto assets.

The union argues the proposal wouldn’t just set new rules, but rather it would weaken existing safeguards and even let companies bypass traditional registration and reporting by issuing stock on a blockchain.

This powerful pushback adds a major new tension: what institutions see as clarity, labor sees as a direct threat to retirement security.

Senator Lummis and others weigh in

However, this political clash is now reaching a breaking point.

Senator Cynthia Lummis, a key author of the Senate’s crypto bill, said she wants the Banking Committee to begin a formal markup as early as next week.

Speaking at the Blockchain Association Policy Summit, she acknowledged growing industry frustration and noted the bipartisan drafts have been “rewritten repeatedly” in recent weeks.

Lummis warned that this constant revision cycle is “no longer sustainable” and pushed to finalize the bill before Congress leaves for the holidays.

In essence, her goal is to share a draft by the end of the week and keep the bill on track for passage by 2026.

SEC Chair Paul Atkin has also weighed in, noting,

“You know, we’re working with Congress, and we’re providing what we call technical assistance to them regarding legislation to make sure that, you know, they’re staying on.”

Saylor’s Strategy’s BTC push and more

This political struggle contrasts sharply with the confidence of corporate Bitcoin giants like Michael Saylor’s Strategy.

Despite volatility, the company’s aggressive buying strategy has delivered a 24.7% return in 2025 on an average cost of about $74,696 per Bitcoin [BTC].

Still, the biggest wildcard now is the Federal Reserve.

With markets pricing in an 87% chance of a 25-basis-point rate cut, attention is shifting toward macro liquidity and easing.

Thus, the looming question here is which force will drive the next bull cycle: political clarity from Washington or a liquidity boost from the Fed, and whether institutions can finally reduce their regulatory risk. 

Final Thoughts

• The Crypto Market Structure Bill is advancing, but its impact may hinge on how it interacts with an already fragile market.
• Organized labor’s strong pushback creates a new political divide, challenging the idea that regulatory clarity automatically helps everyone.