A version of this story appeared in The Guidance newsletter on April 6. Sign up here.

Hey all, Aleks here.

All eyes are on the US Senate.

More than eight months after the House of Representatives passed a market structure bill called the Clarity Act, senators continue to negotiate the details of their own version.

That bill would create a long-sought regulatory framework for cryptocurrencies in the US. It’s hard to overstate how much the industry wants it to pass — without it, US regulators will likely resurrect their Biden-era campaign to bring crypto to heel, one advocate recently warned.

But Senators keep missing…