A merged Senate bill to establish a comprehensive market structure for digital assets is headed for a floor vote on July 20 but remains stalled over a provision restricting certain officials' crypto ties.

The legislation builds on the stablecoin-focused GENIUS Act, which marked its one-year anniversary this week. Regulators have already missed some early implementation deadlines, with the full effects of that law not expected until 2028.

The market-structure measure has slipped past several self-imposed deadlines, and prediction markets have lowered the odds of passage as the ethics carve-out emerges as a decisive sticking point.

Backers argue that clear rules would keep U.S. markets competitive and give exchanges, custodians and issuers the certainty they need to operate. Critics say the ethics provision undermines the framework's credibility.

The standoff comes as states press ahead with their own rules, including a California licensing regime that took effect July 1, adding to a patchwork of overlapping requirements.

The outcome is being watched as a bellwether for Washington's approach to crypto, with implications for token issuers, trading platforms and the broader push to bring digital assets into the regulatory fold.

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