The market structure bill for digital assets aims to clarify SEC and CFTC roles and reach President Donald Trump’s desk before year-end, with Senate Banking and Agriculture committees targeting committee votes in September and October to enable a full Senate vote in late 2025.
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Senate timeline: Banking Committee in September, Agriculture Committee in October, floor vote before year-end.
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Senators plan to base the bill on the House-passed Digital Asset Market Clarity (CLARITY) Act while making targeted Senate adjustments.
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Republican leaders including Cynthia Lummis and Tim Scott expect bipartisan support from 12–18 Democrats; SEC and CFTC jurisdictional clarity is central.
market structure bill for digital assets — Timeline and key actions as Senate pushes CLARITY-based legislation; read the latest on committee dates and expected next steps. Stay informed.
What is the market structure bill and when will it reach the president?
The market structure bill is proposed legislation to define how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) regulate digital assets. Senate Republicans, led by Senator Cynthia Lummis, aim to pass committee votes in September and October and send a final bill to the president before year-end.
How will the Senate use the CLARITY Act as a base?
Senate leaders plan to build on the House-approved Digital Asset Market Clarity (CLARITY) Act rather than drafting a wholly new bill. Senator Lummis said the CLARITY text will serve as the foundation, with Senate amendments addressing market structure and regulator roles.
At the Wyoming Blockchain Symposium in Jackson Hole, Lummis outlined a timeline: Senate Banking Committee consideration by the end of September, then review in the Senate Agriculture Committee in October. Both committees will focus on jurisdictional questions for the SEC and CFTC.
Senator Cynthia Lummis speaking in Jackson Hole on Wednesday. Source: Wyoming Blockchain Symposium
Why do senators emphasize SEC and CFTC roles?
Clarifying regulator authority is core to the market structure bill. The legislation seeks to define which digital assets fall under securities law (SEC) versus commodities law (CFTC), reducing legal uncertainty for exchanges, custodians, and market participants.
Clearer jurisdictional lines aim to accelerate institutional participation by lowering regulatory risk. Senate sponsors argue that established rules will strengthen investor protections while enabling responsible innovation.
Will the bill get bipartisan support?
Senate Banking Committee Chair Tim Scott indicated 12–18 Democrats may be open to supporting a market structure measure once committees finish markup and the bill reaches the floor. The House CLARITY Act earned support from 78 Democrats, which Senate Republicans intend to respect.
How will the Senate process the market structure bill?
The Senate will follow a committee-first path: Banking Committee markup, then Agriculture Committee review, then a negotiated text for the floor. Sponsors expect incremental changes to the House CLARITY Act rather than wholesale replacement.
Frequently Asked Questions
What changes might the Senate make to the CLARITY Act?
Senators plan targeted tweaks focused on market structure and regulator responsibilities, preserving much of the House text while adjusting jurisdictional language and technical definitions to secure broader Senate support.
How will this affect crypto firms in the US?
Clearer jurisdiction between the SEC and CFTC should reduce enforcement uncertainty, encourage compliance investment, and make it easier for exchanges and custodians to operate under defined regulatory frameworks.
Key Takeaways
- Timeline: Banking Committee in September, Agriculture Committee in October, goal to send bill to president before year-end.
- Base legislation: Senate to use the House-passed CLARITY Act as the foundation, with Senate-specific amendments.
- Regulatory clarity: Defining SEC vs CFTC authority is the bill’s central objective to stabilize market rules for digital assets.
Conclusion
Senate Republicans, led by Senator Cynthia Lummis, are positioning a CLARITY-based market structure bill to resolve SEC and CFTC jurisdictional questions and reach the president before year-end. Expect committee markups in September and October and negotiated Senate language that aims to preserve bipartisan elements from the House vote. Follow-up updates will track committee actions and any changes to the bill’s text.
