Crypto Market Structure Talks Heat Up With Thanksgiving Deadline in Sight

White House AI and Crypto Czar David Sacks expressed optimism that the U.S. could pass long-awaited crypto market structure legislation before the end of 2025. 

In an Oct. 23 post on X, Sacks said he believes bipartisan support is growing for a comprehensive framework that would finally define how digital assets are regulated in the United States.

He emphasized that the new crypto market structure bill would build upon the success of the Genius Act, signed into law earlier this year by President Donald Trump, which established clearer guidelines for stablecoin issuers and digital asset treasuries.

Senate Democrats Hold Roundtable With Crypto Leaders

Momentum for crypto policy reform also appears to be growing in Congress. On Wednesday, Senate Democrats held a roundtable with top digital asset executives to discuss pathways to advancing a unified market structure framework.

The session was led by Senator Kirsten Gillibrand, who has long advocated for balanced crypto regulation. Attendees included Galaxy CEO Mike Novogratz, Chainlink CEO Sergey Nazarov, Kraken CEO Jesse Powell, and Solana Policy Institute President Kristin Smith, among others.

Coinbase CEO Brian Armstrong, who also participated in the discussions, told CNBC that the tone of the meeting was constructive. 

“The good news is there is strong bipartisan support and will to get this market structure legislation done,” Armstrong said, noting that Thanksgiving was floated as a possible deadline for the bill’s completion.

Divisions Remain Over Crypto Market Structure Bill Proposal

Despite the growing optimism, some industry leaders remain wary of the Democrats’ current draft proposal. The Blockchain Association’s CEO Summer Mersinger criticized the bill, claiming it would “effectively ban decentralized finance, wallet development, and other applications in the United States.”

Mersinger argued that such provisions would “undermine innovation” and conflict with the country’s tradition of fostering technological advancement. 

A Turning Point for U.S. Crypto Policy

While Washington continues to grapple with broader political gridlock, Sacks’ confidence that a crypto market structure bill could move forward before year-end is being seen as a positive signal for the digital asset industry.

If enacted, the legislation would mark a major milestone for the U.S. crypto sector—creating clearer oversight for exchanges, DeFi platforms, and stablecoin issuers, while strengthening the country’s position as a global hub for blockchain innovation.

For now, all eyes are on Congress as bipartisan discussions intensify, and the crypto market structure debate inches closer to a historic resolution.