[Progress on the Crypto Market Structure Bill Faces Obstacles, May 25 Could Be the 'Final Deadline'] According to a report by Jinse Finance, as of April 27, there has been little public progress on the Crypto Market Structure Bill over the past month. Although predicting the outcome of the bill is quite challenging, the window for passing it is narrowing. Many actions surrounding market structure issues—such as statements from U.S. Securities and Exchange Commission (SEC) staff—are not permanent guidance. The SEC has time to introduce rules that require a public notice and comment period, but this process is time-consuming. The market structure legislation aims to codify the crypto industry's goals and regulatory rules into law, making it more difficult for future administrations to overturn these rules. In other words, without the Clarity Act, it is entirely possible that we could still be having the same discussions years from now. Since at least last December, Memorial Day on May 25 has been viewed as the 'final deadline' for legislative progress. After entering the summer, lawmakers will leave Washington to focus on campaigning, leaving little time for the crypto bill (or most other legislation). Before Congress adjourns, the House still needs to review a funding bill for the Department of Homeland Security, while the Senate must decide whether Kevin Warsh will become the next Federal Reserve Chair. The crypto industry is eager for the bill to pass. Over 100 institutions signed a joint open letter last week urging the Senate Banking Committee to hold a hearing on the bill, which would be the first step in the overall approval process. However, it remains unclear how close the committee is to moving forward. Discussions continue to be dominated by stablecoin yield issues, and other unresolved matters have yet to be addressed publicly. Even if these issues are resolved, the House would still need to vote on the bill again. Earlier this month, House Financial Services Committee Chairman French Hill stated that many unresolved issues surrounding stablecoins and DeFi sales practices have been addressed in the House version of the bill, and the Senate should be able to reach a consensus.