Wyoming Senator Cynthia Lummis, a Republican and longtime supporter of digital assets, said a crypto market structure bill will be ready for the U.S. President Donald Trump “before the end of the year.”
Lummis shared the timeline that the Republicans want to follow while speaking at the Wyoming Blockchain Symposium in Jackson Hole.
Lummis Maps Out Paths the Bill is Expected to Take
She said the Senate Banking Committee is expected to pass the bill by the end of September. After that, the Senate Agriculture Committee will review it in October.
She said the review will be focused on how the two U.S. regulators, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), plan to manage digital assets in the future.
“We will have market structure to the president’s desk before the end of the year,” she told the audience “I hope it’s before Thanksgiving.”
Meanwhile, her statement follows the push from Republicans for digital assets legislation in the senate after it saw progress in the House of Representatives.
In July, the House approved the Digital Asset Market Clarity Act, known as the CLARITY Act, with 78 Democrats voting in favor. Lummis said the Senate’s version, called the Responsible Financial Innovation Act, will “build on” the House bill.
She noted that Republicans do not plan to make any new changes. “We […] want to honor as much of the House’s work as we can on CLARITY because they had a robust bipartisan vote,” she said. “And we don’t want to disrupt that very much. So we’re going to use the CLARITY Act as the base bill […] CLARITY will probably end up being what passes, but CLARITY as tweaked by the Senate.”
Bipartisan Support and Other Bills
Senator Tim Scott, the chair of the Senate Banking Committee, also spoke at the event. He said that “between 12 and 18 Democrats [were] at least open to voting for market structure” once the bill comes to a floor vote.
The CLARITY Act was part of Republicans’ “crypto week” in the House, which included two other bills. The GENIUS Act, which is designed to regulate payment stablecoins, passed both chambers and was signed into law by President Trump the next day.
The Anti-CBDC Surveillance State Act, which sought to limit federal development of a central bank digital currency, passed with far less Democratic support.
Lummis and other Republicans said the market structure bill will come first, while any bill related to central bank digital currency could be delayed until 2026.
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