White House pushes cryptocurrency bill as midterms loom

The Trump administration is ramping up pressure to pass a major cryptocurrency bill before November's midterm elections.

Apr. 15, 2026 at 9:53pm

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A dynamic, abstract painting featuring overlapping geometric waves of deep blue, bright orange, and metallic silver, conceptually representing the fast-paced and fractured nature of cryptocurrency regulation in the United States.The White House's push to pass a major cryptocurrency bill before the midterm elections reflects the high stakes and fast-paced nature of digital asset regulation in Washington.Memphis Today

The White House is pushing Congress to pass a cryptocurrency market structure bill as the midterm elections approach. Treasury Secretary Scott Bessent, White House crypto adviser Patrick Witt, and former AI and crypto czar David Sacks have all called for the bill's passage in recent days. The legislation aims to clarify the regulatory oversight of digital assets, with the House having already passed its version. However, the Senate has been slow to act, and it's unclear if the White House's eleventh-hour push will be enough to get the bill across the finish line before November.

Why it matters

The cryptocurrency market structure bill represents a key policy priority for the crypto industry in Washington. Passing the legislation would provide much-needed regulatory clarity and help solidify the U.S.'s standing as a global leader in digital finance. Failure to act could cede that position to other countries. The White House is now racing against the clock to get the bill through Congress before the midterm elections, which could shift the political dynamics.

The details

The bill, often referred to as market structure legislation, aims to split oversight of the crypto market between two financial regulators by clarifying when digital assets are considered securities or commodities. While President Trump signed another crypto bill, the GENIUS Act, into law last July, market structure represents the crown jewel of the industry's policy ambitions in Washington. The House passed its version of the market structure bill, known as the CLARITY Act, alongside the stablecoin measure last year. But the Senate has opted to craft its own legislation, leading to a dispute between the banking and crypto industries that has held up negotiations since January.

  • The White House is turning up pressure to pass the cryptocurrency bill as Congress returns from a two-week recess.
  • The legislation needs to be passed before November's midterm elections, as the political dynamics could shift afterwards.

The players

Scott Bessent

The current U.S. Treasury Secretary who has called for Congress to pass the cryptocurrency market structure bill.

Patrick Witt

The White House's cryptocurrency adviser who has also pushed for the bill's passage.

David Sacks

The former AI and cryptocurrency czar who has advocated for the bill.

Christopher Niebuhr

A senior research analyst at Beacon Policy Advisors who commented on the White House's push for the legislation.

Howard Lutnick

The former CEO of Cantor Fitzgerald, a financial services firm that donated $10 million to a cryptocurrency super PAC.

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What they’re saying

“Congress has spent the better part of half a decade trying to pass a framework to onshore the future of finance. It is time for @BankingGOP to hold a markup and send the CLARITY Act to President Trump's desk. Senate time is precious, and now is the time to act.”

— Scott Bessent, U.S. Treasury Secretary

“I think that they rightly assume from a calendar perspective that if there's going to be an opportunity to move the market structure bill through Congress, this is that opportunity.”

— Christopher Niebuhr, Senior Research Analyst, Beacon Policy Advisors

What’s next

The Senate Banking Committee will need to hold a markup on the cryptocurrency market structure bill in order to send it to the full Senate for a vote before the midterm elections in November.

The takeaway

The White House's eleventh-hour push to pass the cryptocurrency market structure bill highlights the high stakes involved, as the legislation represents a key policy priority for the crypto industry. Failure to act could undermine the U.S.'s standing as a global leader in digital finance, making the next few months critical for the future of the industry.