Key Highlights
- Senator Lummis is planning a markup hearing for the crypto market bill next week.
- Frequent changes to the draft and government shutdowns slowed progress.
- The bill could give the CFTC more authority over digital assets, shifting some power from the SEC.
Wyoming Senator Cynthia Lummis, a member of the US Senate Banking Committee, said she plans to move forward with the Responsible Financial Innovation Act next week.
Speaking at the Blockchain Association Policy Summit today in Washington, D.C., Lummis said she wants a markup hearing before Congress breaks for the holiday season. The bill focuses on creating clear rules for digital assets and cryptocurrencies.
“Our staff are exhausted. I think that we’re to the point where it’s better to go ahead with a product and mark it up next week and then give everybody a break over the Christmas break to catch their breath,” she said.
The senator said the bill’s draft had been changing frequently during bipartisan discussions, which caused concerns in the crypto industry. “My goal is to share a draft at the end of this week that is our best efforts to date and let industry vet it, let Republicans and Democrats vet it, and then go to markup next week,” Lummis added.
Delays from shutdowns and disagreements
The discussion draft came out in July, after the House of Representatives passed the Digital Asset Market Clarity Act.
However, progress has slowed due to the government shutdown that lasted for over a month, marking the longest in U.S. history, and some lawmakers disagree over certain parts, especially rules about decentralized finance, or DeFi. Lummis said some participants in the crypto industry were getting worried about how long the process was taking to finalize the legislation.
Potential changes in crypto rules
The bill is expected to grant the Commodity Futures Trading Commission (CFTC) more authority over digital assets, especially cryptocurrency. The Securities and Exchange Commission (SEC) currently handles most crypto rules. This is expected to be a big change.
Industry leaders, including Coinbase Chief Legal Officer Paul Grewal, have expressed support, saying the bill would allow more financial activity to move on-chain. “More and more finance will move onchain under the leadership of [SEC Chair Paul Atkins] once a market structure is passed into law by Congress,” he said. He added that leaders need to finish the last details without delay.
Even though talks are happening between both parties, it is not certain how quickly the bill will be passed. Some lawmakers may still disagree, which could slow the process. Lummis has said she hopes the bill could become law by 2026.
