A number of US senators are reportedly pushing to progress a bill focused on rules for the crypto market structure, even amidst an ongoing government shutdown.
As detailed in a Bloomberg report released on Thursday, multiple Senate Republicans, including those with significant committee leadership roles, aim to pass legislation concerning digital asset market structure by year-end, adhering to their previously set timeline.
Despite the furlough of thousands of government workers across various agencies due to the shutdown, members of Congress continue to receive their salaries and carry on their legislative duties in both the House of Representatives and the Senate.
Senate Agriculture Committee Chair John Boozman reportedly indicated that he was in discussions with Democrats to unveil a bipartisan market structure bill “very, very soon,” with intentions to pass the legislation before 2026. Other members of the Senate Banking Committee — the other legislative body that must approve the bill once it is ready — have also begun bipartisan negotiations, with a potential agreement expected in the coming weeks.
The legislative journey commenced with the enactment of the CLARITY Act in the House of Representatives. Following its approval in July during the Republicans’ “crypto week,” Senate leaders expressed intentions to “build on” the bill to formulate their version of digital asset market structure under the label the Responsible Financial Innovation Act.
Related: Republican senator warns time is running out to pass US crypto bill: Report
Wyoming Senator Cynthia Lummis, a prominent advocate of the bill, mentioned in August that she hoped to see the Agriculture Committee review the legislation by the end of September and the Banking Committee by late October, with expectations that US President Donald Trump would sign it into law by 2026. One committee deadline has now passed, and the other timeline seems unlikely to be met during the shutdown.
Coinbase returns to Washington
The congressional push follows a visit to lawmakers in Washington, D.C. last week by Coinbase CEO Brian Armstrong. Armstrong noted that the Senate was “working hard” on the bill and had reached agreement on approximately 90% of the crypto-related issues in the legislation.
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