US CRYPTO MARKET STRUCTURE TALKS STALL IN SENATE

Summary from the TLDR Crypto newsletter

The House has already passed the Digital Asset Market Clarity Act, but the Senate is juggling competing drafts from the Banking and Agriculture Committees that must reconcile SEC/CFTC jurisdiction, define “ancillary assets,” and set guardrails for DeFi and stablecoin yield. Hopes for a pre-Christmas markup are fading, with some senators citing timeline and White House concerns over ethics and quorum language, plus political noise around President Trump's extensive crypto holdings. Although a stablecoin law is on the books, broader rules for exchanges, tokens, and DeFi are still stuck in committee drama.