The U.S. Senate Committee on Banking, Housing and Urban Affairs published the text of a bipartisan manager’s amendment to a market structure bill intended to establish clearer regulatory rules for digital assets. The release follows negotiations led by Committee Chairman Tim Scott with Democratic counterparts and is framed as strengthening protections for retail participants while addressing misconduct and national security risks. The amendment builds on Senate Banking Committee Republicans’ market structure principles released in June 2025, subsequent committee hearings, a July 2025 discussion draft accompanied by a request for information from industry stakeholders, and a second discussion draft issued in September 2025 based on feedback. Chairman Scott indicated he aims to proceed to a committee markup as the next step in the legislative process.