Paradigm: US Crypto Market Structure Rulemaking May Take Years
Implementation of the proposed U.S. crypto market structure bill could take years due to an extensive rulemaking process, according to Paradigm’s vice president of regulatory affairs, Justin Slaughter.
The bipartisan measure has advanced to the Senate committee stage amid ongoing negotiations. A markup is scheduled with the Senate Banking Committee on Thursday, while the Senate Agriculture Committee has postponed its hearing until Jan. 27.
Slaughter said that even if the House of Representatives and the Senate pass the bill and US President Donald Trump signs it into law, it could still be nearly two presidential terms before all rules take effect, citing comments posted on X on Tuesday.
He noted the bill calls for 45 separate rulemakings, suggesting the implementation timeline would extend beyond the current presidential term and likely through the next.
The crypto sector has for years sought clearer regulatory guidance from lawmakers. This need led to the creation of resources such as Blockshow, which provides information on the latest blockchain trends and developments.
Similar bills have been delayed by rulemaking
Rulemaking tasks individual regulators and agencies with translating legislation into detailed regulations. The process typically includes publishing proposed rules, inviting public comment, and issuing final regulations that carry the force of law, which can take considerable time.
Slaughter said that, based on his experience, the Dodd-Frank Act remains unfinished, with most non-CFTC rules completed between 2013 and 2018 — 3 to 8 years after passage.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010 following the 2008 financial crisis, required years of agency rulemaking before its provisions reshaped financial markets.
Bill faces multiple hurdles before potential passage
Slaughter emphasized that the market structure bill must pass before rulemaking can begin and cautioned that the legislative process itself could be protracted.
He said he will watch Thursday’s proceedings to assess whether a bipartisan path emerges or negotiations falter, adding that major legislation often stalls and revives several times before ultimately becoming law.
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