This is a significant milestone for the crypto industry as it enters 2026. Senator John Boozman (R-AR), Chair of the Senate Agriculture Committee, has officially locked in the timeline for a bill that could finally provide a clear legal framework for digital assets in the United States.

Here is the breakdown of what is happening, why it matters, and the critical dates to watch.

The Upcoming Timeline.

The committee has intentionally created a window for final review and public transparency before the official vote.

January 21, 2026: The revised text of the Crypto Market Structure Bill (often referred to as the Senate's version of the "CLARITY Act") is scheduled for public release.
January 27, 2026 (3:00 PM ET): The official committee markup. This is the procedural session where lawmakers debate, propose amendments, and ultimately vote on whether to send the bill to the full Senate floor.

Key Components of the Bill.

Based on the bipartisan "Boozman-Booker" draft and recent negotiations, the bill focuses on several "make-or-break" issues for the industry:

CFTC vs. SEC Jurisdiction: The bill aims to grant the Commodity Futures Trading Commission (CFTC) primary oversight over "digital commodity" spot markets (like Bitcoin and Ethereum). The SEC would retain authority over "ancillary assets"—tokens that rely heavily on the efforts of a central issuer.
Stablecoin Regulation:
There is a heavy focus on yield. Recent drafts suggest a ban on "passive yield" for stablecoins (to prevent them from acting like unregulated bank deposits), though rewards for active use (like payments or DeFi liquidity) may still be allowed.
DeFi & Developer Protections: One of the most watched provisions includes language to protect non-custodial software developers from being treated as "money transmitters," a direct response to recent high-profile legal cases.
Consumer Protections: Expect strict new rules on customer fund segregation and conflict-of-interest disclosures to prevent another "FTX-style" collapse.

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