• Senator Lummis plans to release a revised draft by week’s end for industry review.

• The bill addresses bipartisan concerns over digital asset oversight and DeFi provisions.

• Progress has been slowed by government shutdowns and negotiations, with markup expected before holiday break; experts predict passage by 2026.

Discover the latest on the US crypto market structure bill as Senator Lummis pushes for markup next week. Gain insights into regulatory clarity for digital assets and its industry impact. Read now for essential updates.

What is the current status of the US crypto market structure bill?

The US crypto market structure bill, known as the Responsible Financial Innovation Act, is nearing a crucial markup hearing in the Senate Banking Committee. Senator Cynthia Lummis announced plans to share a revised draft by the end of the week, allowing industry stakeholders and bipartisan lawmakers to review it before proceeding next week. This step follows intensive negotiations amid staff exhaustion and recent delays from the government shutdown.

“Our staffs are exhausted,” said the Wyoming senator at the Blockchain Association Policy Summit on Tuesday, speaking on the progress of the crypto bill.

Wyoming Senator Cynthia Lummis, a key member of the US Senate Banking Committee and a leading advocate for digital asset market structure reforms, expressed optimism for advancing the legislation soon.

How has bipartisan collaboration influenced the crypto market structure bill?

Bipartisan discussions have significantly shaped the Responsible Financial Innovation Act, with drafts evolving frequently to incorporate feedback from both sides. Senator Lummis highlighted the exhaustion of her team and Senator Kirsten Gillibrand’s staff due to these intensive revisions, emphasizing the need for a finalized product to allow a break during the holidays. According to reports from Politico, negotiations are progressing toward a December markup, despite challenges from the longest government shutdown in US history and debates over decentralized finance provisions. Industry leaders, including Coinbase’s chief legal officer Paul Grewal, have urged swift alignment on final details to enable more finance to move onchain under clearer regulations. This collaboration demonstrates Congress’s commitment to balancing innovation with oversight, potentially shifting authority from the Securities and Exchange Commission to the Commodity Futures Trading Commission for certain digital assets.

Speaking at the Blockchain Association Policy Summit on Tuesday, Lummis said she anticipated that the markup hearing for the Responsible Financial Innovation Act — the Banking Committee’s version of market structure — would happen before Congress broke for the holidays.

The senator noted that the crypto industry “was getting a little concerned” about the bill’s progress, as drafts were “changed so much every few days” during these bipartisan talks. 

“Our staffs are exhausted,” said Lummis, referring to her and Senator Kirsten Gillibrand’s teams. “I think that we’re to the point where it’s better to go ahead with a product and mark it up next week and then give everybody a break over the Christmas break to catch their breath.” 

Senator Cynthia Lummis (center) speaking at the Blockchain Association Policy Summit on Tuesday. Source: Blockchain Association

She added:

“My goal […] is to share a draft at the end of this week that is our best efforts [sic] to date and let industry vet it, let Republicans and Democrats vet it, and then go to markup next week.”

A markup hearing allows lawmakers to propose and debate amendments before sending the bill to the full Senate for a vote.

Although the Banking Committee released an initial discussion draft in July, following the passage of the Digital Asset Market Clarity Act in the House of Representatives, advancements were hindered by the extended government shutdown and resistance from some lawmakers regarding DeFi elements.

Related: How market structure votes could influence 2026 crypto voters.

A Monday report from Politico indicated that bipartisan negotiations over market structure were advancing with a December markup in sight. Lummis stated in September that she expected the bill to become law by 2026.

However, uncertainties remain, as factors like 2026 midterm campaigning or partisan disagreements could delay the voting process even after markup.

What will a US market structure bill mean for the crypto industry?

Although the bill has yet to navigate the Senate Banking and Agriculture Committees fully, the crypto sector has welcomed Congress’s push for this legislation, viewing it as a pathway to regulatory clarity and enhanced market stability.

“More and more finance will move onchain under the leadership of [SEC Chair Paul Atkins] once a market structure is passed into law by Congress,” said Coinbase chief legal officer Paul Grewal on Wednesday. “Our leaders need to align on the last details in the bill without delay […].”

While the final Senate version remains unpublished, earlier drafts suggest expanded oversight for the Commodity Futures Trading Commission on digital assets, marking a departure from the Securities and Exchange Commission’s dominant role in regulation and enforcement. This shift could foster innovation by providing clearer guidelines for decentralized applications and token markets, reducing enforcement uncertainties that have plagued the industry.

Frequently Asked Questions

What are the key provisions of the Responsible Financial Innovation Act?

The Responsible Financial Innovation Act seeks to establish a comprehensive framework for digital assets, primarily by granting the Commodity Futures Trading Commission authority over spot market transactions while delineating the Securities and Exchange Commission’s role in securities-like tokens. It includes provisions for stablecoins, DeFi oversight, and consumer protections, addressing gaps in current regulations to promote innovation without excessive restrictions, as discussed by Senator Lummis.

Will the crypto market structure bill pass before 2026?

Senator Lummis anticipates the US crypto market structure bill becoming law by 2026, following a markup hearing next week and subsequent Senate votes. While bipartisan efforts are advancing, potential delays from holidays, shutdown impacts, or midterm politics could influence the timeline, but industry advocates remain optimistic about its eventual approval.

Key Takeaways

• Imminent Markup Hearing: Senator Lummis plans to release a draft this week, leading to a Banking Committee markup next week for the Responsible Financial Innovation Act.
• Bipartisan Challenges: Intensive negotiations have revised the bill repeatedly, causing staff fatigue but ensuring balanced DeFi and oversight provisions.
• Industry Benefits: Passage would clarify CFTC and SEC roles, encouraging onchain finance growth; stakeholders should review the draft promptly.

Conclusion

The progress of the US crypto market structure bill under Senator Cynthia Lummis’s leadership signals a pivotal moment for digital asset regulations, promising clarity on Commodity Futures Trading Commission and Securities and Exchange Commission jurisdictions. As bipartisan talks culminate in an upcoming markup, the industry stands to gain from reduced uncertainties and fostered innovation. Stay informed on these developments, as they could shape the future of crypto markets—consider engaging with policymakers to support this essential legislation.