Macquarie sees U.S. Senate near crypto deal as market structure, GENIUS rules advance

Core Insights - Macquarie anticipates an acceleration in the U.S. Senate's efforts regarding cryptocurrency legislation, highlighting recent bipartisan discussions as a significant step towards a market-structure bill [1][2] Legislative Developments - A meeting on December 8 involving Democratic negotiators and Wall Street leaders indicates lawmakers are nearing a consensus that could influence U.S. digital-asset legislation [2] - The Senate Agriculture Committee has released a bipartisan draft to enhance the Commodity Futures Trading Commission's (CFTC) authority over digital commodities, complementing the Senate Banking Committee's Responsible Financial Innovation Act of 2025 [4] - Analysts expect the Agriculture Committee's bill to undergo markup in early 2026, with plans to reconcile it with the Senate Banking Committee's legislation [4] Regulatory Framework - Federal agencies are preparing to implement rules under the GENIUS Act, with the FDIC planning to propose stablecoin prudential standards by early 2026 [5][6] - The Federal Reserve is collaborating with other regulators to establish a framework for banks to issue and transact in stablecoins [6] Market Impact - The Senate's compromise on the market structure bill is viewed as a crucial catalyst for the U.S. crypto market, potentially resolving SEC-CFTC jurisdictional disputes and facilitating institutional participation through clearer regulations [3][7] - The bill must still navigate committee approval, reconciliation with the Agriculture Committee's language, and pass a divided Senate during a midterm election year [8]