Wyoming Senator Cynthia Lummis, a member of the US Senate Banking Committee and a prominent advocate for addressing digital asset market structure in Congress, has stated her intention to advance the relevant bill next week.
Speaking at the Blockchain Association Policy Summit on Tuesday, Lummis indicated that she anticipated the markup hearing for the Responsible Financial Innovation Act, the Banking Committee's version of market structure legislation, would occur before Congress's holiday recess.
The senator acknowledged that the crypto industry had expressed concern regarding the bill's progress, noting that drafts had undergone significant changes during bipartisan discussions.
"Our staffs are exhausted," Lummis commented, referring to the teams working on the bill. She added, "I think that we’re to the point where it’s better to go ahead with a product and mark it up next week and then give everybody a break over the Christmas break to catch their breath."
"My goal [...] is to share a draft at the end of this week that is our best efforts to date and let industry vet it, let Republicans and Democrats vet it, and then go to markup next week."
A markup hearing is a legislative session where lawmakers consider and propose amendments to a bill before it proceeds to a vote.
While the banking committee released a discussion draft of the market structure bill in July, following the US House of Representatives' passage of the Digital Asset Market Clarity Act, progress had been hindered by a prolonged government shutdown and reports of objections from some lawmakers concerning provisions related to decentralized finance (DeFi).
A report from Politico on Monday indicated that bipartisan negotiations on market structure were ongoing, with plans for a December markup. Senator Lummis had previously stated in September that she expected the bill to be enacted into law by 2026.
However, the timeline for Republican support remains uncertain. Even if the Senate proceeds with a markup, potential delays could arise from campaigning for the 2026 midterms or partisan opposition.
Implications of a US Market Structure Bill for the Crypto Industry
Despite the bill's progression through Senate committees still being pending, many within the crypto industry have expressed support for Congress's efforts to advance the legislation, anticipating increased clarity and benefits for the market.
Coinbase Chief Legal Officer Paul Grewal commented on Wednesday, "More and more finance will move onchain under the leadership of [SEC Chair Paul Atkins] once a market structure is passed into law by Congress. Our leaders need to align on the last details in the bill without delay."
While the final version of the bill for Senate consideration was not publicly available at the time of publication, earlier drafts suggested an expansion of the Commodity Futures Trading Commission's (CFTC) authority over digital assets. This would mark a significant shift from the current regulatory landscape, where the Securities and Exchange Commission (SEC) primarily handles regulation and enforcement.