Wyoming Senator Cynthia Lummis, a key member of the US Senate Banking Committee and a leading advocate for reforming digital asset market structure in Congress, expressed her intention to advance the bill next week.
During her address at the Blockchain Association Policy Summit on Tuesday, Lummis mentioned that she expected the markup hearing for the Responsible Financial Innovation Act — the Banking Committee’s proposed framework for market structure — to take place before Congress adjourns for the holidays.
The senator acknowledged that the crypto industry “was getting a little concerned” about the bill’s progress, noting that drafts were “changed significantly every few days” during bipartisan discussions.
“Our staffs are exhausted,” Lummis remarked, referencing her and Senator Kirsten Gillibrand’s teams. “I believe it’s time to move forward with a product and mark it up next week, giving everyone a break over the Christmas holiday to recharge.”
She added:
“My goal […] is to share a draft at the end of this week that reflects our best efforts to date, allowing the industry and both parties to review it, before proceeding to markup next week.”
A markup hearing involves lawmakers evaluating amendments and revisions before a bill is voted on in the Senate.
While the banking committee released a discussion draft of the market structure bill in July, progress has been impeded by the longest government shutdown in the nation’s history and reports of resistance from certain lawmakers regarding DeFi provisions in the bill.
Related: How market structure votes could influence 2026 crypto voters
A report on Monday from Politico indicated that bipartisan discussions on market structure are ongoing, with a markup planned for December. Lummis expressed in September her expectation that the bill would be enacted by 2026.
Nonetheless, it remains uncertain whether the Republicans’ timeline will be realized. Even if senators move forward with a markup, other challenges — such as partisan dissent — may delay a vote.
What will a US market structure bill mean for the crypto industry?
Although the bill has yet to navigate through the Senate Banking Committee and Senate Agriculture Committee, many stakeholders in the crypto industry are advocating for Congress’s efforts to advance the legislation, citing potential clarity and positive impacts on the market.
“As market structure is formalized into law by Congress, an increasing amount of finance will transition onchain under the guidance of [SEC Chair Paul Atkins],” stated Coinbase chief legal officer Paul Grewal on Wednesday. “Our leaders must align on the final aspects of the bill without delay […] .”
While the final draft to be considered by the US Senate was not available at the time of publication, earlier drafts suggested it would enhance the authority of the Commodity Futures Trading Commission over digital assets, marking a substantial shift from the current regulation predominantly managed by the Securities and Exchange Commission.
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