Senator Cynthia Lummis of Wyoming, a key Republican advocate for digital asset market regulation legislation, anticipates a final bill reaching President Donald Trump’s desk before the year concludes.
Speaking at the Wyoming Blockchain Symposium held in Jackson Hole this Wednesday, Lummis stated that Republican objectives include the Senate Banking Committee approving a market structure bill by September’s end, with the Senate Agriculture Committee reviewing it in October.
Both Senate committees will delve into the approaches of U.S. financial watchdogs—the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)—concerning digital assets.
“We expect market structure legislation to be presented to the President before year’s end,” Lummis declared. “Ideally, it will happen before Thanksgiving.”
The Senate Republicans’ push for market structure legislation follows the House of Representatives’ passage of the Digital Asset Market Clarity (CLARITY) Act in July, which garnered support from 78 Democrats. Lummis, along with other Senate Republicans, has indicated that their legislative version, tentatively called the Responsible Financial Innovation Act, aims to “build upon” the CLARITY Act.
“We aim to respect the House’s work on CLARITY as much as possible, given its strong bipartisan support,” Lummis stated on Wednesday. “We intend to minimize disruptions. Therefore, the CLARITY Act will serve as the fundamental basis. Ultimately, a Senate-modified version of CLARITY is the most likely outcome.”
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Lummis’s comments echoed those of Senate Banking Committee Chairman Tim Scott, who addressed the Wyoming Blockchain Symposium on Tuesday. The South Carolina Senator speculated that “between 12 and 18 Democrats are at least open to voting for market structure” after Senate committees submit the bill for a vote.
Senate to also consider CBDC bill
The CLARITY Act was among three legislative pieces passed by the House in July as part of the Republican’s “crypto week” agenda. Alongside the market structure bill, the House approved the GENIUS Act, designed to regulate payment stablecoins, and the Anti-CBDC [Central Bank Digital Currency] Surveillance State Act.
The GENIUS Act, previously passed by the Senate, was subsequently signed into law by Trump. However, the anti-CBDC bill received the weakest support from House Democrats among the three bills – securing only two affirmative votes out of 212 members present.
Lummis and fellow Republican senators, holding a majority, have signaled their intent to prioritize market structure legislation, suggesting that any bill concerning CBDC regulation might be postponed until 2026.
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