The coveted market structure bill for the crypto industry is doomed, says lobbyists.

Late last night, the House of Representatives’ Crypto Market Structure Bill passed a vote Two committeesurges a celebration at Capitol Hill and a statement of confidence from lawmakers that legislation will establish that the legislation will be the path to the environment that establishes a new framework for regulating most crypto activity in the United States.

But personally, last week, Crypto’s top lobbyists came to a very different conclusion. For a variety of reasons, the possibility of this year’s market structure law is approaching zero.

“Everyone who doesn’t agree is paranoid or stupid,” said one of Crypto’s top lobbyists. Decryption Wednesday.

Why? Many variables related to the bill itself and the macro political situation have become five crypto policy leaders who spoke to five crypto policy leaders to make the market structure to be swallowed up by many Democrats. Decryption I said. But it’s looming at the top of that list: Donald Trump’s numerous individuals and Beneficial Crypto VentureThe Democrats were seized as the vector of their most notable attacks on the president in his second term.

Both Democrats in recent weeks house and The Senate He tied pending code invoices to the President. The bill includes languages ​​that prevent Trump and his immediate family from engaging in crypto ventures while in office. House Republicans have rejected efforts to include such language in stable laws, suggesting that conversations are more appropriate in the discussion of the broader market structure bill.

However, yesterday during the markup of the Market Structure Bill Committee, Clear actionsRepublicans once again blocked efforts to include profit disputes in laws that affect the president’s crypto business.

“The bill does not concern the personal finances of any individual,” House Financial Services Committee Chairman French Hill (R-AR) said at one point during markup Tuesday. “That’s not an ethics bill.”

Trump’s crypto transactions are solely responsible for the fate of the crypto market structure bill that will pass Congress, the head of the Cryptoroviist said.

“The 1, 2, 3, 4 and 5 reasons are the president’s business deals at Crypto during his tenure,” they said.

The lobbyist took special responsibility for this development at the foot of the operators of the World Liberty Financialthe Trump family’s crypto platform.

“These people, they hate us,” the lobbyist said. “They announce new products whenever important votes are made. During yesterday’s markup, Eric Trump tweets about the freedom of the world and their new stubcoin. It’s just sane.”

In addition to the president’s crypto trading, other macro political factors have dramatically reduced the odds of crypto market structure laws over the past year, another policy expert said. Decryption. He said passing bills with bipartisan support every day of President Trump’s second term has been steadily becoming more difficult given that every news cycle that Democrats find difficult to sign off to one of the White House’s top priorities provides more reasons.

For example, the president deployed US troops this week to quell protests against his administration’s immigration policies in Los Angeles. Frame As an attack on democracy. During yesterday’s clear law markup, some of the most intense exchanges between members of the parties had nothing to do with the cipher, but instead was an escalating situation in California.

Such partisan tensions that remained behind crypto procedures just a few months ago have now become an inevitable obstacle to market structure law.

A few weeks ago, these forces were almost I’ve gone off track Passing the Genius Act, the Stable Bill in the Senate is considered to be broadly less controversial than the widespread market structure law. In its current form, the Market Structure Bill would amend the American decades-old securities law Exemption Most ciphers from SEC monitoring are tokens.

“The genius was cluster fuck,” the expert said. “And this bill is more ambitious.”

Another cryptography lobbyist I spoke to Decryption This is because earlier this week the story expressed hope that an act of clarity could still pass if combined into a home. Stability methodand quickly pushed through as one mega-ville.

“We have to make an unstoppable freight train that runs from the house,” the lobbyist said Tuesday.

But after last night’s vote on clarification by the House Financial Services Committee, lobbyists revised their once-cautious optimistic outlook after Republicans saw only two Democrats move on to the House floor.

“That vote significantly bleaks my expectations for the market structure,” the lobbyist said Wednesday. “It’s more likely that a genius will pass the standalone.”

All policy experts Decryption We talked for this story. The Genius Act is currently approaching its final vote on the Senate floor, voting solidified votes in the law set this afternoon. If the House tries to pass a crypto megaville, Congressional Republicans and the White House will likely win Stubcoin and call it a day, experts said.

White House officials pushed back that trait.

“The administration is working steadily through the market structure as it was handed over from the committee last night,” the official said. Decryption. “We are excited that bipartisan progress is being made.”

“The White House is extremely optimistic and is dedicated to seeing laws of both stubcoin and market structure reach President Trump’s desk,” the official added.

On Tuesday, 18 Democrats from the House Agriculture Committee supported the clarification. The bill had to pass a vote before the Agriculture Commission and Financial Services, but it also wrote the law.

That was An unforgettable conclusion However, the clear law passed the agriculture and the results during the more closely monitored Financial Services Commission’s vote were deemed disappointment. Several custody Democrats ultimately voted against moving forward with the law to the House floor.

“The Republicans thought they could shave a lot of Democrats, but they only got two,” a Democrat official said. Decryption. “It’s definitely a sign that it’s going to be a big problem.”

If Congress passes the stablecoin bill without market structure laws, the task of regulating crypto markets will likely fall into the SEC, which shows that he is enthusiastic and willing to create from the start of Trump’s second term. Preferred conditions For the crypto industry. However, the amendments to that regulations are not permanent and the agency’s attitude towards crypto could easily change with the future president’s view of the industry.

One code lobbyist who spoke to me Decryption With this story agreeing, there is no way for the laws of market structure this year. The only thing they said is to try again in 2026.

Given the lobbyists’ approaching midterm elections and other obstacles, when asked if there was a better chance of passing for next year’s market structure. They simply placed their hands in the air and shrugged with a hard smile.