Macquarie (MQG) expects the US Senate’s crypto push to accelerate as recent closed-door talks between Democrats and Republicans on a compromise bill on market structure mark a significant step toward a bipartisan agreement, the investment bank said in a report last week.
The bank framed a December 8 meeting of Democratic negotiators, including Senators Kirsten Gillibrand, Mark Warner and Ruben Gallego, and a separate meeting between senators and Wall Street leaders 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 getting closer to a deal that could shape the next phase of US digital asset legislation.
The Senate’s compromise push on a market structure bill is seen as a “material catalyst for the US crypto ecosystem,” wrote analysts, led by Paul Golding.
The bank noted that the Senate Agriculture Committee has already released a bipartisan draft that would give the Commodity Futures Trading Commission (CFTC) additional authority over digital commodities, serving as a complement to the Senate Banking Committee’s Responsible Financial Innovation Act of 2025, which outlines the Securities and Exchange Commission’s (SEC) approach toward “digital or ancillary assets.”
Analysts expect an increase in the Agriculture Committee’s bill in early 2026 and that it will reconcile its bill with that of the Senate Banking Committee.
At the same time, analysts noted that federal agencies are close to implementing 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 issue 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 carry out transactions in stable currencies.
The bank saw a potential Senate Banking Committee compromise push on the market structure bill as a key catalyst for the US crypto market, arguing that it could finally resolve 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 warned that the bill still has to clear committee, be reconciled with Agriculture language and be approved by a closely divided Senate in a midterm election year, even as banks push for favorable stablecoin performance and custodial treatment.
Still, Macquarie assigns a strong chance that an amended market structure bill by the Senate will be passed and sent to conference between the end of the first quarter and mid-2026, with a full crypto law package potentially coming into effect soon after.
The Federal Deposit Insurance Corporation, which regulates thousands of banks in the US, yesterday issued its first proposal for a rule governing the application process for the issuance of stablecoins.
Read more: MiCA will make or break euro-pegged stablecoins by 2026: DECTA
