The crypto market structure bill has not made much public movement in a month. While making a prognosis on the bill is difficult, it’s not hard to see that the clock for passage is running out.

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The narrative

We won’t get the crypto market structure bill this month. That’s not the end of the process, but we’re approaching a timeline that’ll surely increase the amount of gray in people’s hair.

Why it matters

Much of what’s happened around market structure issues — Securities and Exchange Commission staff statements, for example — are not permanent guidance. The SEC has time to come…