Speaking at the Wyoming Blockchain Symposium in Jackson Hole on Wednesday, Lummis outlined the Republican timeline to push crypto legislation through the Senate this fall.
She said the Senate Banking Committee is expected to advance the bill by the end of September, followed by the Senate Agriculture Committee in October. Both committees will focus on clarifying the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets.
“We will have market structure to the president’s desk before the end of the year,” Lummis said. “I hope it’s before Thanksgiving.”
The Senate’s push follows the House of Representatives’ July approval of the Digital Asset Market Clarity (CLARITY) Act, which passed with support from 78 Democrats. Lummis said Senate Republicans plan to use the CLARITY Act as the foundation for their own proposal, tentatively titled the Responsible Financial Innovation Act.
“We want to honor as much of the House’s work as we can on CLARITY,” Lummis said, noting that bipartisan backing in the House made it a strong base bill. She added that the Senate version would likely be a “tweaked” version of CLARITY, but not a complete overhaul.
Senate Banking Committee Chair Tim Scott echoed her optimism, suggesting that as many as a dozen or more Democrats may be open to supporting the market structure bill once it advances to the floor.
The CLARITY Act was part of a broader package of crypto-related bills the House passed in July during what Republicans branded “crypto week.” Alongside the market structure bill, lawmakers approved:
Republican senators have indicated that while market structure legislation will remain the priority for 2025, consideration of the anti-CBDC bill could be delayed until 2026.
If Lummis’ timeline holds, the United States could see its first comprehensive crypto market structure law passed within months. Such legislation would mark a major turning point, providing long-awaited regulatory clarity for digital asset companies and investors.
With Republicans pushing for speed and President Trump eager to sign crypto-friendly legislation, the coming months could prove decisive in shaping the U.S. role in the digital asset economy.
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