The Senate is currently grappling with a complex market structure bill essential for U.S. crypto regulation. Key issues delaying progress include stablecoin yields, conflicts of interest, and regulatory frameworks for decentralized finance (DeFi). While the House passed the CLARITY Act in July, the Senate is divided, with the Banking Committee focusing on securities law and the Agriculture Committee on commodities law. Both committees released drafts this fall, but a markup, which signifies readiness for a vote, remains uncertain. In recent updates, there’s skepticism about achieving a market structure framework in 2025. A fresh discussion draft from the House, considered a successor to FIT21, presents new material that requires thorough vetting. The prospect of a markup by June 10 seems ambitious given the usual pace of Congress. Amid regulatory challenges, some crypto founders are contemplating geofencing as a compliance strategy, which involves restricting access to their products based on geographical locations. This tactic serves as a last resort when companies can't meet compliance obligations or design their offerings to avoid those obligations altogether. On the legal front, Grayscale's recent victory over the SEC marked a significant moment, as a federal court found the SEC acted arbitrarily in rejecting Grayscale’s ETF proposal. The court's ruling demands the SEC reevaluate its stance on the proposal, which could reshape the future of spot bitcoin ETFs. Meanwhile, SEC Chair Gary Gensler faces scrutiny for his broad classification of digital assets as securities, raising legal questions about his involvement in enforcement actions related to crypto.