U.S. Senator Cynthia Lummis (R-Wyo.) has announced that the much-anticipated crypto market structure bill is on track to reach President Donald Trump’s desk before Thanksgiving. Speaking at the SALT conference in Jackson Hole, Wyoming, Lummis provided this update on Wednesday, marking a significant step forward in a legislative process that has captured the attention of the digital asset industry.
Progressing Legislative Milestones
The crypto market structure bill, a crucial piece of legislation for the burgeoning industry, aims to clarify how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will oversee digital assets. Senator Lummis, alongside Senator Tim Scott (R-S.C.), the chairman of the Senate Banking Committee, is spearheading efforts to shepherd the bill through the legislative maze. According to Lummis, the Senate Banking Committee plans to pass the bill by the end of September. The Senate Agriculture Committee, with its oversight of the CFTC, is expected to review it by the end of October. For more insights into the legislative dynamics, see our coverage of Tim Scott’s perspective on the vote’s closeness.
Senator Scott mentioned on Tuesday that bipartisan support is anticipated, with up to 18 Democrats likely to vote in favor of the Senate’s rendition of the House’s Digital Asset Market Clarity Act. This potential cross-aisle collaboration signals a shared recognition of the need for regulatory clarity in the crypto space.
Context and Implications for the Crypto Industry
The push for a structured regulatory framework is not new. Over the past few years, the crypto industry has witnessed both meteoric growth and significant volatility, creating an urgent need for coherent regulatory policies. The proposed legislation is poised to lay down the groundwork for how digital assets are classified and regulated in the United States, providing much-needed clarity for investors and developers alike.
“The crypto market has been clamoring for clear, consistent rules for years,” commented Jane McCarthy, a blockchain policy analyst at Capitol Strategies. “This bill could be the turning point that allows for innovation while protecting consumers.” As explored in our recent coverage, a16z and DeFi Education Fund have advocated for SEC safe harbor provisions, which could complement the regulatory clarity sought by this bill.
Historically, the lack of a unified regulatory approach has led to a patchwork of state and federal guidelines, often leaving market participants in a state of confusion. The proposed bill aims to streamline this by delineating clear roles and responsibilities for the SEC and CFTC, two agencies that have sometimes been at odds over jurisdiction in the digital asset realm.
Challenges and Future Prospects
While the legislative process is moving forward, challenges remain. The proposed timeline is ambitious, and there are questions about whether all stakeholders will align on the final draft. Regulatory clarity is crucial, but achieving consensus in Congress is no small feat. Given the complexities of the crypto landscape, there are concerns about whether the legislation will sufficiently address the nuances of emerging technologies and platforms.
Yet, the momentum is undeniable. The proposed bill represents a significant effort to bridge the gap between innovation and regulation. As Lummis optimistically stated, “We will have market structure by the end of the year.” This optimism, however, is tempered by the reality that the devil is in the details—details that will need to be meticulously negotiated in the coming weeks.
Looking Ahead
The coming months are pivotal for the crypto industry as lawmakers work to solidify a regulatory framework that will shape the future of digital assets in the U.S. The outcome of this legislative endeavor could set a global precedent, influencing how other nations approach crypto regulation.
As the November deadline approaches, the industry will be watching closely. Will the bill deliver the clarity and consistency that crypto advocates have long sought? And more importantly, will it strike the right balance between fostering innovation and ensuring investor protection? These are the questions that will define the next chapter in the ongoing saga of cryptocurrency regulation.
Source
This article is based on: Market Structure Bill Will Be Before President Trump by Thanksgiving, Says Sen. Lummis
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
