Senate's April Fools (Not): Hagerty Says Crypto Market Structure Bill Might Actually Happen This Time

Senator Bill Hagerty, the Tennessee Republican serving on the Senate Banking Committee, said Monday he's cautiously optimistic about moving the long-awaited digital asset market structure bill forward after what feels like an eternity of congressional delays. Because nothing says "we're serious about crypto regulation" like taking roughly as long as Bitcoin went without a ETF.

Speaking at the Digital Assets and Emerging Tech Policy Summit at Vanderbilt University, Hagerty said his Republican colleagues plan to kick things into gear starting next week. The vibes are shifting, folks—or at least that's what we're told.

"We will be in a position, I hope, to bring allof this together very soon," Hagerty said. "On the banking committee side, I think we're very close, and my expectation is that we get it into committee in this next work period that starts on Monday of next week, so that over the next several weeks we should have this into the banking committee." Classic Washington hedging—we're close, we hope, very soon, probably, assuming nothing explodes.

The senator added that while several issues remain unresolved, none appear insurmountable. His prediction? The bill should clear the banking committee by April. April. The month that also hosts April Fools' Day, which feels fitting given how many times we've heard "this is the year" for comprehensive crypto legislation.

"There's still a lot more work to do," Hagerty admitted. Understatement of the century, Senator.

Originally passed by the House as the CLARITY Act back in July, this legislation is widely viewed as the most significant crypto bill in recent memory. It would essentially hand crypto oversight from the SEC to the CFTC—a regulatory power shift that the industry has been dreaming about. Imagine the SEC losing jurisdiction like a degen losing their entire portfolio in a single trade. Except this time, everyone actually wants it to happen.

The Senate Agriculture Committee already advanced its version in January, but concerns over tokenized equities, ethics rules, and stablecoin yield have held up the banking committee markup. Stablecoin yield, the three words that have haunted crypto legislation more than "regulatory clarity" itself.

Hagerty is optimistic about beating the midterms deadline: "I think if we get this done in April, we can clearly get this taken care of before the midterms." Bold strategy, Cotton. Let's see if Congress can actually execute on a timeline for once.

This sentiment aligns with Coinbase's chief legal officer Paul Grewal, who said last week that lawmakers are "close to a deal" on stablecoin yield and other sticking points. Close. We've been close before. Like when Bitcoin was "close" to $100K last cycle.

With the 2026 midterms looming, crypto advocacy groups are making their presence felt. The Stand With Crypto PAC made waves by spending over $130 million on media buys in the 2024 elections and reportedly has a $193 million war chest for 2026. That's not a war chest—that's a small nation's GDP.

They're not alone. The Fellowship PAC, which claims to have raised "over $100 million" from undisclosed crypto-aligned backers, announced the appointment of Tether executive Jesse Spiro as chair on Wednesday. Tether, making moves in Washington like they own the place. Which, given their treasury, they might.

It seems crypto isn't just waiting for Congress to act anymore—it's actively shaping the political landscape in Washington. The memes became real. The lobbying budget became real. And now, apparently, so is the bill. Maybe. Probably. We'll see in April.