Negotiations over a U.S. crypto market structure bill are likely to extend into January as bipartisan talks face delays. A closed-door meeting revealed that a pre-Christmas markup is improbable due to unresolved issues between Republicans and Democrats. Key sticking points include sanctions compliance for DeFi platforms and ethics provisions for government officials. Senate Banking Chair Tim Scott may still push for a markup next week, but bipartisan support is crucial for the bill's success. In parallel, President Trump is conducting final interviews for the Federal Reserve Chair position, with a decision expected in January. Candidates include former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett. Meanwhile, the Federal Reserve is anticipated to cut interest rates to a three-year low of 3.5–3.75%. The CFTC and OCC have taken significant steps to integrate crypto into mainstream finance. The CFTC's pilot program allows Bitcoin, Ethereum, and USDC as collateral in derivatives markets, while the OCC permits banks to conduct "riskless principal" crypto transactions. These moves aim to enhance capital efficiency and provide regulated access to crypto markets.