The anticipated crypto market structure bill, or namely the CLARITY Act, designed to provide essential regulatory clarity for digital assets in the United States, is approaching critical dates in the Senate. However, it faces significant complexities related to stablecoin yield, conflicts of interest, and decentralized finance (DeFi).

Senate Divided On Crypto Market Structure Bill

Legal expert and Chief Legal Officer of Variant Jake Chervinsky, reports that the Senate is divided into two committees: Banking, which is handling the securities law aspect, and Agriculture, responsible for the commodities law portion. 

Both committees have published drafts of their work this fall, with the next step being markup, a process where hearings will be held to vote on amendments before sending the bill to the Senate floor for a full vote.

However, both committees are cautious and are unlikely to proceed with markup until they resolve ongoing disputes. Among these, three significant issues stand out.

The first major concern involves stablecoin yield. In the GENIUS Act, banks lobbied for a prohibition on interest payments, meaning stablecoin issuers cannot offer holders any form of interest or yield. 

While the current prohibition prevents direct yield payments to holders, it does not address non-yield rewards or yield provided by third parties. Banks consider this gap a “loophole” and are advocating for broader restrictions to be included in the market structure bill. 

Conflicts Of Interest And DeFi Regulations Stall Progress

The second issue revolves around conflicts of interest. Some Democratic senators have indicated they would not support the market structure legislation unless it includes provisions that restrict the President’s family from conducting business in the crypto space. 

The third and perhaps most crucial issue pertains to DeFi. It is important to note that market structure legislation primarily addresses centralized platforms that exercise custody over user funds and transactions. 

Chervinsky believes the bill should primarily focus on protecting DeFi, but traditional finance (TradFi) stakeholders have been pushing Congress to categorize virtually all entities in the crypto sector—developers, validators, and others—as intermediaries. 

The expert emphasized that the success of any market structure bill hinges on ensuring robust protections for developers since the viability of the crypto industry relies on their contributions. 

Given the intricate nature of these issues and the swiftly approaching holiday break, Chervinsky noted that it is possible that discussions about market structure could extend into January. 

Senate Markup Set For December 17-18

Market analyst MartyParty provided another update on December 4, indicating that the bipartisan Digital Asset Market Structure Bill is gaining significant momentum in Congress, with a markup session in the Senate Banking Committee tentatively scheduled for December 17-18, just before the holiday recess

If successfully passed, he states that the bill could establish clearer pathways for tokenized real-world assets (RWAs) and mitigate “debanking” risks, paving the way for compliant exchanges and potentially stimulating market volumes following the Commodity Futures Trading Commission (CFTC) approvals for spot crypto trading. 

This “regulatory convergence” is seen as a catalyst that could drive liquidity and energize the next bull market, reinforcing President Trump’s vision for the US to emerge as the “crypto capital of the world.”

Featured image from DALL-E, chart from TradingView.com 

Crypto pundit Rob Cunningham has outlined a scenario where Ripple could achieve a $7 trillion valuation based on the XRP price. The crypto firm is notably the largest XRP holder, which is why a significant surge in the altcoin’s price could increase the company’s valuation. 

Ripple Could Hit A $7 Trillion Valuation With An XRP Price Of $250

In an X post, Cunningham predicted that Ripple could hit a $7 trillion valuation if the XRP price were to rally to $250.  Specifically, the pundit outlined a scenario where the company’s XRP position could account for $4.25 trillion of its valuation. He claimed that Ripple owned 17 billion XRP, which would amount to $4.25 trillion at $250 per XRP, the projected price. 

Cunningham noted that this trillion-dollar valuation for Ripple, based on an XRP price surge to $250, would make the company 6.6x times more valuable than Visa and 8.6x times more valuable than Mastercard. $4.25 trillion also represents 3.6% of the world’s GDP, which stands at $117 trillion. 

Based on an XRP price of $250, the pundit noted that the total XRP market value would be $15 trillion. Ripple’s 17 billion XRP holdings represent 28% of the circulating supply. Meanwhile, Cunningham listed other factors that could drive the firm to a $7 trillion valuation, including the passage of the CLARITY Act. 

Other Factors That Would Contribute To A $7 Trillion Valuation

In addition to the XRP price surge to $250 and the CLARITY Act, Cunningham listed the Treasury’s approval of Ripple’s business as another factor. The pundit explained that the Treasury approval would mean that XRP and XRP Ledger (XRPL) would get global regulatory clarity as a core infrastructure layer for the new monetary system. 

He also outlined a scenario where RLUSD and XRP become the default U.S. dollar rails globally, which would also contribute to Ripple’s projected $7 trillion valuation. The pundit noted that RLUSD already has a $1 billion market cap with $95 billion in payment volume and is growing. Cunningham also indicated that the XRP price could easily rally to $250, as this scenario positions XRP for a global settlement role rather than just another crypto asset. 

The pundit also gave a “conservative” equity value of $1.3 trillion to $2.7 trillion for the payment firm. He noted that markets could apply a 60% to 80% discount to the $4.25 valuation, given an XRP price surge to $250 due to the high concentration in a single asset. 

Cunningham also alluded to the political risk, as if Ripple’s payment system becomes the default settlement rail, governments may want a say in their operations. He also outlined possible capital controls, windfall taxes, or forced restructurings as other factors that could reduce Ripple’s projected $7 trillion valuation.

• Agencies would be required to disclose when artificial intelligence replaces a federal job under a bipartisan bill in the Senate. Sens. Mark Warner (D-Va.) and Josh Hawley (R-Mo.) announced the AI-Related Job Impacts Clarity Act yesterday. The bill would require major companies and agencies to report AI-related job effects, including layoffs and job displacement, to the Labor Department. Labor would also be required to compile data on AI-related job effects and publish a report to Congress and the public. The legislation comes amid rising concerns about AI’s impact on the job market.
  (Warner, Hawley to introduce bipartisan legislation to track number of jobs lost to AI - Sen. Mark Warner (D-Va.))
• The Senate Armed Services Committee is pressing Michael Borders, who was tapped to be assistant secretary of the Air Force for energy. Borders pledged to review all contracts with privatized housing companies, ensure they meet high performance standards, and enable better installation and department-level oversight of privatized housing. He said he’ll push to fill vacancies in military installation housing offices under direct-hire authority and integrate housing oversight into base commander evaluations. He called recent reforms under the 2020 defense policy bill a “crucial first step,” but said more data-driven evaluation to assess the effectiveness of these reforms is needed.
  (Air Force nominee pledges stronger oversight of privatized military housing - Senate Armed Services Committee)
• A federal employee union is challenging the VA's rollback of collective bargaining rights. A new lawsuit from the American Federation of Government Employees’ National VA Council said the VA is selectively eliminating collective bargaining agreements for some unions but not others. President Donald Trump signed an executive order in March to end collective bargaining at agencies involved in national security. Several other lawsuits challenging the executive order, saying the administration’s implementation takes an overly broad view of national security.
  (American Federation of Government Employees National VA Council v. Department of Veterans Affairs - U.S. District Court for the District of Rhode Island )
• The shutdown has officially set the record as the longest-ever funding lapse, and some are now turning the conversation to the need for bigger reforms. Missed paychecks, service delays and staffing challenges are being felt across the country right now. But even more harms from the shutdown will happen in the long-haul, according to Partnership for Public Service President and CEO Max Stier. “Our future capacity is going to be diminished substantially,” Stier told reporters during a press briefing. “You’re going to see that across the board, whether you talk about air traffic controllers or VA doctors or food inspectors.” Many “good government” organizations are urging bigger picture reforms, like immediate pay for feds in a shutdown and major updates to the government’s budget process.
  (As shutdown hits record length, many fear long-term impacts - Federal News Network)
• Federal employees working in grants management, now is your turn to weigh in on the challenges and opportunities impacting you and your agency. The annual Grants Management Survey is open with a focus on everything from the grants lifecycle to systems and data to training. The survey is overseen by the George Washington University’s Trachtenberg School of Public Policy and Public Administration, the National Grants Management Association and REI Systems. Last year, more than 15,000 people took this survey. Survey results will be presented in February at the Grants Management Breakfast Forum.
  (Annual grants management survey is open - REI Systems)
• Many of the Trump administration’s shutdown layoffs are on hold, but agencies say not all of them. Agencies told a federal judge in San Francisco that about 10% of the approximately 4,000 reduction-in-force notices that government employees got last month do not fall under a preliminary injunction she ordered last month. The departments of Commerce and Health and Human Service, as well as the Department of Homeland Security’s cybersecurity agency, told the court that some of their layoff notices can proceed. The judge’s order prohibits agencies from issuing any RIF notices “during and because of the federal government shutdown,” to employees in any program, project or activity that includes any bargaining unit or member represented by eight unions who are leading the lawsuit.
  (Most, but not all shutdown RIFs blocked by injunction, agencies tell court - Federal News Network)
• A list of five German food aid organizations briefly appeared on the “shutdown guidance” webpage of U.S. Army Garrison Bavaria before being taken down Wednesday, shortly after it sparked outrage online. The page, which lists various resources for service members and their families during the government shutdown, drew criticism online that the Army was directing U.S. service members to German food banks. The page, which lists various resources for service members and their families during the government shutdown, included a section titled “Running list of German support organizations for your kit bags.” The list included resources such as an organization that "distributes food to people in poverty" and the Too Good To Go app, which sells food at a reduced price. Several news outlets reported that the list was created weeks earlier to assist German civilian employees and that U.S. personnel have access to their own resources.
  (Army removes German food bank list for soldiers from shutdown webpage after backlash - U.S. Army Garrison Bavaria)
• The Department of Veterans Affairs has set its sights on a new contract writing system. VA is on track to follow in the footsteps of the Army, the Navy, GSA and several other agencies to try to modernize their contract writing systems. In a new request for information, VA is asking for industry feedback on a commercial software-as-a-service offering that will enhance its procurement operations and potentially reduce reliance on legacy platforms. VA outlines 10 requirements it's looking for in a new system, including integration with existing governmentwide acquisition platforms, automated workflows and an assortment of AI-assisted capabilities. Responses to the RFI are due by Nov. 17.
  (VA begins effort to modernize contract writing system - SAM.gov)
• Agencies have less than two weeks to set up new strategic hiring committees. Those committees should be composed of political appointees, who will have to approve nearly all new federal hires, the Trump administration said in a new memo. Agencies will then have until Dec. 1 to create annual staffing plans, which must be shared with the Office of Personnel Management and the Office of Management and Budget. The upcoming deadlines stem from President Trump’s executive order last month, which altered the expectations for federal hiring going forward.
  (Guidance on “ensuring continued accountability in federal hiring” - Office of Personnel Management and Office of Management and Budget)

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Bitcoin Magazine

Crypto Market Structure Bill Gains Bipartisan Momentum as Coinbase’s Armstrong Says “We’re 90% There”

Even as Washington remains hobbled by a partial government shutdown, momentum for U.S. crypto market structure legislation is quietly reaching new heights.

Coinbase CEO Brian Armstrong says the industry is “90%” of the way there, describing unprecedented bipartisan cooperation among senators working to finalize the long-awaited regulatory framework for digital assets.

Armstrong, who spent this week meeting with both Senate Democrats and Republicans, said the last few sticking points of the CLARITY Act — including rules for decentralized finance (DeFi) and stablecoin rewards — are close to being resolved. 

“Both sides are working hard to figure out the final 10%, and we’re getting close,” he said in a social media post. “We’re bullish on getting a bill passed by year-end, and hopeful it’s out of Committee by Thanksgiving.”

The Coinbase chief’s optimism comes amid a surge of engagement between lawmakers and crypto executives, marking one of the most serious bipartisan pushes to bring clarity to digital asset regulation since Congress first began debating the issue years ago.

JUST IN: Coinbase CEO Brian Armstrong says, “There is strong bipartisan support to get this market structure legislation done.” pic.twitter.com/Z8PI1OXDJc

— Bitcoin Magazine (@BitcoinMagazine) October 23, 2025

Bipartisan crypto breakthrough in July

The legislation at the center of these discussions — the Digital Asset Market Clarity Act (CLARITY Act) — passed the House of Representatives in July with a strong bipartisan majority of 294–137. 

The bill now sits before the Senate Banking Committee, chaired by Sen. Tim Scott (R-SC), with hopes it could advance to the Senate floor before the end of the year.

In a CNBC interview on Wednesday, Armstrong described “very productive” meetings with senators from both parties, calling the level of collaboration a positive sign for the U.S. crypto industry.

According to multiple people familiar with the meetings, senior lawmakers including Senate Majority Leader Chuck Schumer (D-NY), Sen. Kirsten Gillibrand (D-NY), and Sen. Cynthia Lummis (R-WY) attended or participated in discussions with Armstrong and other crypto leaders such as Kraken co-CEO David Ripley, Uniswap Labs founder Hayden Adams, and Chainlink Labs’ Sergey Nazarov.

The CLARITY Act seeks to end years of regulatory ambiguity by clearly distinguishing which digital assets qualify as securities under the Securities and Exchange Commission (SEC) and which fall under the Commodity Futures Trading Commission (CFTC).

Under the bill’s framework, sufficiently decentralized networks would fall under CFTC oversight, while tokens with more centralized control or that function as investment contracts would remain under SEC jurisdiction.

The legislation also introduces clearer rules for decentralized finance, secondary trading markets, and custody services — areas where the lack of uniform federal guidance has long frustrated both innovators and investors.

DeFi and stablecoin legislation

Still, the final 10% of negotiations may prove the toughest. One of the key unresolved questions is how to regulate decentralized finance platforms. 

Armstrong has urged lawmakers to focus oversight on decentralized intermediaries — such as interfaces or aggregators — rather than attempting to regulate open-source protocols themselves.

Another area of tension involves stablecoin rewards, which Armstrong says the banking lobby is working to eliminate. Coinbase and other industry advocates argue that consumers should be able to earn yield on regulated stablecoin holdings, similar to how traditional savings accounts pay interest.

These debates underscore the competing visions within Congress: Democrats remain focused on preventing illicit finance and ensuring consumer protection, while Republicans emphasize innovation and competitiveness.

Despite the bipartisan goodwill, the timing remains precarious. The ongoing government shutdown has slowed committee work and pushed back the formal markup of the bill. Some lawmakers, including Sen. John Kennedy (R-LA), have expressed skepticism that the committee is ready to move forward, citing unanswered questions about regulatory authority and industry influence.

Still, supporters say the momentum is undeniable. Sen. Lummis, who has long championed digital asset legislation, recently told attendees at the SALT Wyoming Blockchain Symposium that she expects the market structure bill to reach the president’s desk “before the end of the year — hopefully before Thanksgiving.”

This post Crypto Market Structure Bill Gains Bipartisan Momentum as Coinbase’s Armstrong Says “We’re 90% There” first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Save Our Wallets: Bitcoiners Must Act To Defend Their Right To Transact

Recent threats against the rights of bitcoiners to transact in the manner they deem fit led to the creation of Save Our Wallets. Done in collaboration with the Bitcoin Policy Institute, CoinCenter, the Bitcoin Design Foundation, and many regional Bitcoin hubs around the United States, the organization recently launched the “Satoshi Needs You!” campaign.

Satoshi needs all of you to rally together to ensure that the Blockchain Regulatory Certainty Act (BRCA) provisions are included in the coming version of the CLARITY Act, to ensure that self-custodial software tools in the Bitcoin ecosystem remain a protected thing, unencumbered by financial regulations designed to restrict businesses actually taking control of users’ funds.

The trials this summer prosecuted by the Department of Justice (DOJ) against the developers of Samourai Wallet and Tornado Cash have set dangerous precedents by prosecuting developers of open-source and self-custodial software, which at no time gave developers control over user funds in any way, and flies directly against standing guidance from both the DOJ as well as FinCEN, the regulator in charge of the application of the relevant regulations from both cases.

The “Satoshi Needs You!” campaign aims to raise awareness of the current threats to bitcoiners’ rights and rally people to get involved in the push to cement these rights in explicit regulation.

“This is a moment of both great danger and great opportunity for the bitcoin network” said Kyle Olney, co-founder of SaveOurWallets.org. “We can’t take anything for granted until our fundamental rights to economic liberty in the digital realm have been codified into law. We need EVERY bitcoiner to get involved, contact their representatives in Washington DC, and ensure this congress continues to execute on pro-Bitcoin policy. We have a responsibility to fight for our freedoms like the right to transact, and to pass those rights on for future generations.”

Visit SaveOurWallets.org to learn more about the CLARITY Act and how you can get involved in the fight to include the BRCA provisions.

This post Save Our Wallets: Bitcoiners Must Act To Defend Their Right To Transact first appeared on Bitcoin Magazine and is written by Shinobi.