What if crypto’s U.S. market structure effort just never gets there?

The U.S. senators negotiating the crypto market structure bill have rarely been so openly eager to find a bipartisan solution for that legislation. Even as political noise and clashes with President Donald Trump rage around them, lawmakers and staffers have met for an earnest series of talks seeking to hash out the industry’s regulatory destiny in the U.S.

Despite this increasingly rare bipartisan exercise and the confidence expressed by some of the leading players, the unresolved details of the legislation are significant, and some of the coming headwinds are out of their hands.

After the House of Representatives cleared — for the second time in recent years — a bill to set up a regulatory regime for the crypto markets, the Digital…

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