The US crypto market structure bill is entering what may be its decisive legislative stretch, with multiple indicators suggesting that passage could come within weeks rather than months. Coinbase's US policy vice president Kara Calvert said Thursday that the exchange expects a markup in the Senate Banking Committee as early as next week, a significant milestone after months of delays and competing priorities in the chamber. Last week, senators announced a compromise deal on stablecoin yield between representatives of the crypto and banking industries that cleared one of the bill's most contested outstanding issues and gave the CLARITY Act renewed momentum in the banking committee. White House crypto adviser Patrick Witt has stated the administration is targeting July 4 as a deadline for the bill to pass the House following a June Senate vote, while other lawmakers have predicted the legislation will become law before the Senate breaks for August recess. The convergence of these timelines suggests a genuine sense of urgency from both the executive branch and key Senate allies that was largely absent earlier in the year.

Significant obstacles remain despite the momentum. Some lawmakers, including Senator Kirsten Gillibrand, have indicated they intend to push for ethics language addressing potential conflicts of interest to be included in the final bill — a provision that has complicated negotiations given the Trump family's extensive crypto business interests, including the USD1 stablecoin and World Liberty Financial. The Senate Banking Committee postponed its markup earlier this year after Coinbase CEO Brian Armstrong publicly stated the exchange could not support the legislation as written, citing concerns about tokenized equities — a reminder that industry opposition can still derail the bill's timeline if key provisions are not resolved to major exchanges' satisfaction. The CFTC and SEC have already announced plans to coordinate crypto oversight even in the absence of congressional action, signaling that regulators are prepared to move forward regardless of whether legislation passes, but a clear statutory framework would provide significantly more legal certainty for the industry than regulatory coordination alone.