Senator Cynthia Lummis, speaking at the Wyoming Blockchain Symposium in Jackson Hole, announced an upcoming bill regarding the structure of the crypto market.
Planned Path for the Bill
Lummis stated that the crypto market structure bill will be ready for President Donald Trump "before the end of the year." She detailed that the Senate Banking Committee is expected to pass the bill by the end of September, after which it will be reviewed by the Senate Agriculture Committee in October. The focus will be on how the SEC and CFTC will manage digital assets in the future.
Bipartisan Support and Other Bills
Senator Tim Scott, chair of the Senate Banking Committee, indicated that between 12 and 18 Democrats are open to voting for the market structure bill. The Digital Asset Market Clarity Act, passed in July by the House of Representatives with support from 78 Democrats, will serve as the basis for the Senate's version, according to Lummis.
Future of Digital Assets Regulation
Lummis emphasized that Republicans do not plan to make significant changes to the bill. She noted that the focus will be on honoring the bipartisan work done in the House. Meanwhile, legislation related to central bank digital currencies may be delayed until 2026.
Thus, the crypto market structure bill, supported by Republicans, represents a significant step towards the regulation and structuring of digital assets in the U.S.
