Key takeaways
- She said that the digital asset market structure legislation will reach President Donald Trump’s desk before the end of 2025.
- Lummis noted that Republicans intend to secure approval in the Senate Banking Committee by September, followed by Senate Agriculture Committee consideration in October
Senator Cynthia Lummis who has been a staunch crypto advocate, has said she expects digital asset market structure legislation to reach President Donald Trump’s desk before the end of 2025. She made the comment while speaking at the Wyoming Blockchain Symposium in Jackson Hole on Wednesday.
“We will have the market structure to the president’s desk before the end of the year,” Lummis told attendees. “I hope it’s before Thanksgiving. So that’s our goal.”
According to Lummis, Republicans intend to secure approval in the Senate Banking Committee by September, followed by Senate Agriculture Committee consideration in October. Both committees are expected to address questions over regulatory authority, including the respective roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets.
Her comments came weeks after the House of Representatives passed the Digital Asset Market Clarity (CLARITY) Act in July. The bill gained support cutting across party lines, with 78 Democrats voting in favour. Lummis and other Senate Republicans indicated their proposal, currently referred to as the Responsible Financial Innovation Act, would use the CLARITY Act as a foundation.
“We want to honour as much of the House’s work as we can on CLARITY because they had a robust bipartisan vote,” Lummis said on Wednesday. “And we don’t want to disrupt that very much. So we’re going to use the CLARITY Act as the base bill. CLARITY will probably end up being what passes, but CLARITY as tweaked by the Senate.”
The CLARITY Act seeks to define clear lines of jurisdiction with respect to digital asset regulations between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Senate Banking Committee Chair Tim Scott echoed her outlook. Speaking at the symposium, Scott suggested support for the legislation could extend across the aisle once the committees complete their review. “Between 12 and 18 Democrats [were] at least open to voting for market structure,” Scott estimated, pointing to prospects for bipartisan momentum in the Senate.
