The U.S. crypto market structure bill has undergone intense transformation. Senators submitted 137 amendments just before the January deadline, targeting critical stumbling blocks. After months of bipartisan negotiations, the question remains: does the legislation still protect retail investors, or have amendments watered down its investor-friendly provisions?
What Survived the Amendment Process
The core investor-friendly framework remains intact. The bill provides exemption from Securities Act registration requirements for investment contracts involving digital commodities on mature blockchains, allowing issuers to raise up to $75 million over 12 months without traditional securities registration.
Critically, the bill does not limit access to accredited investors based on income or net worth thresholds. This means retail investors maintain access to early-stage crypto projects rather than being locked out by wealth requirements common in traditional securities offerings.
At Shelbit, we recognize that regulatory clarity benefits all investors by reducing uncertainty that previously kept institutional capital on sidelines while exposing retail traders to unregulated risks.
Key Changes From Amendments
The amendment process split the original FIT21 bill into two separate pieces of legislation. The GENIUS Act addressing stablecoins was signed into law in July 2025. The remaining market structure language became the CLARITY Act, which passed the House but faces Senate revisions.
Amendments target anti-money-laundering provisions and decentralized finance platform requirements areas where lawmakers remain divided. Three sources familiar with discussions confirm these as primary negotiation points delaying Senate passage.
The bill prohibits crypto companies from paying interest solely for holding stablecoins, addressing concerns about unregulated yield products. However, it allows rewards for activities like sending payments or participating in loyalty programs, preserving innovation while limiting speculative yield chasing.
For traders using cryptocurrency platforms like Shelbit, understanding these regulatory developments helps anticipate which business models will thrive under new frameworks versus those facing restrictions.
CFTC Gets Expanded Authority
The legislation grants the CFTC plenary authority over spot market digital commodity trading, marking a significant shift from SEC-dominated enforcement. The crypto industry prefers CFTC oversight, viewing the agency as more innovation-friendly than the SEC’s securities-focused approach.
The CFTC’s Crypto Sprint program, launched August 2025, demonstrates proactive engagement through roundtables and public input on market structure, clearing, fraud prevention, and interoperability areas where the SEC traditionally relied on enforcement actions rather than collaborative rulemaking.
Consumer Protection Additions
Amendments strengthened consumer protections without eliminating retail access. The SEC must modernize regulations for digital asset activities including issuer disclosures, custody requirements, transfer agent obligations, and broker-dealer conduct standards.
The bill directs regulators to define custodial and ancillary staking services that are “exclusively administrative or ministerial in nature,” protecting investors from conflicts of interest while allowing legitimate staking services.
At Shelbit, we support regulatory frameworks that distinguish between legitimate services and fraudulent schemes, creating safer environments for both new and experienced investors.
What Investors Should Monitor
The Senate Banking Committee’s bipartisan negotiations continue with Chairman Scott confident about moving forward. However, the Senate Agriculture Committee is writing its own version addressing CFTC authority over commodity and derivatives markets.
Reconciling these two committee versions presents the next challenge. Much like with CLARITY Act development, Banking and Agriculture Committees must align their frameworks and resolve jurisdictional conflicts between SEC and CFTC authority.
The bill’s evolution from FIT21 through GENIUS Act passage to current CLARITY Act negotiations shows that while specific provisions change, core investor-friendly principles regulatory clarity, retail access, and balanced oversight remain consistent priorities.
Despite 137 amendments and ongoing negotiations, the U.S. crypto bill maintains investor-friendly foundations. Retail investors keep access without accredited investor restrictions. Issuers can raise substantial capital through exemptions designed for digital assets rather than forcing square pegs into round regulatory holes.
Consumer protections strengthened without eliminating innovation. The shift toward CFTC oversight aligns with industry preferences. Stablecoin clarity through GENIUS Act provides immediate benefits while market structure legislation continues evolving.
For investors, the key isn’t whether every amendment proves favorable—it’s whether the overall framework creates clearer rules than the current regulation-by-enforcement approach. On that measure, even with 75+ amendments, the legislation represents progress toward investor-friendly crypto markets.
