The US Senate Banking and Agriculture Committees are set to hold markup sessions on January 15 to review their respective crypto market structure bills. The Banking Committee oversees the SEC, while the Agriculture Committee oversees the CFTC, which is why there are two separate bills. If both committees advance their bills, the next step will involve reconciling them into a unified version for the Senate floor. Following that, the bill needs to be aligned with the House's CLARITY Act, which passed in July 2025, before heading for final votes in both chambers. Key issues remain unresolved, including the rights of Americans to earn stablecoin rewards. This topic was previously addressed in the bipartisan GENIUS Act, signed into law in July 2025. Other outstanding matters involve sanctions screening for DeFi applications and provisions that support users' rights for self-custody of crypto assets. Predictions from Kalshi suggest a 45% chance the crypto market structure bill becomes law before May 2026, with a 66% likelihood of it passing before the end of 2027. However, these odds may be affected by potential government shutdowns, with low odds currently assigned to such an event happening by January 30.