Wyoming Senator Cynthia Lummis stated that a bill on digital asset market structure would be proposed to the US President by the end of this year. At the Blockchain Symposium in Jackson Hole, she shared details on the process.
Market Structure Bill Plan
During the conference, Lummis mentioned that her goal is to pass the bill through the Senate Banking Committee by the end of September, followed by consideration in the Senate Agriculture Committee in October. She stated, "We will have market structure to the president's desk before the end of the year."
Impact of the CLARITY Project
The Digital Asset Market Clarity (CLARITY) Act, passed by the House in July, was supported by 78 Democrats. Lummis and other Republicans suggested their version, the Responsible Financial Innovation Act, would build on CLARITY. Lummis confirmed: "We [...] want to honor as much of the House’s work as we can on CLARITY due to their robust bipartisan vote."
Other Digital Currency Bills
The CLARITY Act was one of three pieces of legislation passed by the House as part of Republicans' "crypto week". In addition to the market structure bill, the House approved the GENIUS Act regulating payment stablecoins and the Anti-CBDC Surveillance State Act. Unlike the GENIUS Act, the CBDC bill received the least support from House Democrats.
The passage of the market structure bill for digital assets would represent a significant step towards regulating this rapidly evolving sector, prompting further discussions about rules and regulations for digital currencies.
