Senator Cynthia Lummis, a Republican U.S. senator, is at the forefront of discussions regarding the crypto market structure bill, a key policy issue for the industry. She indicated that the White House has pushed back against the ethics provisions she developed in collaboration with Democrats.
This situation has positioned the Wyoming lawmaker as a mediator, attempting to meet the demands of her Democratic peers while persuading the White House to engage, as she mentioned during her remarks at the Blockchain Association’s policy summit in Washington. Nevertheless, Lummis is optimistic that the negotiators will reveal a working draft by week’s end and aim to finalize it next week.
Lummis and Democratic Senator Ruben Gallego have proposed certain ethical guidelines. Although she did not disclose specific details, one point of contention for Democrats has been the stipulation that high-ranking government officials should not benefit financially from the sectors in which they wield authority — an issue mainly directed at President Donald Trump and his family’s crypto ventures.
She noted that Democrats are also seeking guarantees for nominations from their party for commissioners at the Commodity Futures Trading Commission and the Securities and Exchange Commission. The White House has not yet complied with this request, despite the law encouraging bipartisan commission appointments.
“The White House returned it, saying, ‘You can improve this,’ so it was deemed unacceptable,” she stated. Lummis mentioned that she will convene with colleagues again “to take another shot at it.”
As chair of the digital assets subcommittee under the Senate Banking Committee, one of the two panels required to approve the bill, along with the Agriculture Committee, she emphasized, “It’s time to unveil a product.” She acknowledged the rapid changes in legislative language, stating, “We are in peak time now. We have two weeks left.”
The industry is feeling anxious following several weeks of private negotiations without external contributions, she indicated.
“This product will be robust upon completion,” declared Senator Kirsten Gillibrand, a Democrat who has partnered with Lummis in the crypto space for years. “The House did not address all the issues we are covering in this draft. They completely overlooked decentralized finance exchanges,” she referenced the Clarity Act passed by the House earlier this year.
