As a member of the U.S. Senate Banking Committee and one of the most influential advocates for digital asset market structure in Congress, Wyoming Senator Cynthia Lummis stated that she hopes to advance the next phase of the bill's work sometime next week.
Senator Lummis pointed out at the Blockchain Association policy summit on Tuesday that she anticipates a markup hearing for the Responsible Financial Innovation Act—the Banking Committee's version of the market structure bill—will take place before Congress goes on recess for the holiday.
The senator revealed that the crypto industry is "somewhat concerned about the progress of the bill," adding that during bipartisan discussions, the draft "has undergone significant changes every few days."
"Our staff is exhausted," Lummis said, referring to her and Senator Kristen Gillibrand's teams. "I think we are at the stage where we should directly conduct the product markup hearing next week, and then let everyone take a break and catch their breath during the Christmas holiday."
She further added:
The markup hearing refers to the process where legislators consider amendments and changes to a bill before it is submitted for a Senate vote.
Although the Banking Committee released a discussion draft of the market structure bill in July after the Digital Asset Market Clarity Act passed the U.S. House of Representatives, progress has slowed due to the longest government shutdown in U.S. history and reports that some lawmakers oppose the DeFi provisions in the bill.
A report from Politico on Monday indicated that bipartisan negotiations on market structure are steadily progressing, with plans for a markup hearing in December. Lummis had stated in September that she expects the bill to officially become law by 2026.
It remains unclear whether the Republicans' timeline can be met. Even if the senators continue with the markup hearing, other obstacles—such as inter-party opposition—could extend the time required for a final vote.
Although the bill has not yet passed the Senate Banking Committee and the Senate Agriculture Committee, many in the crypto industry have been actively supporting Congress in advancing this legislation, believing it will bring clarity and numerous benefits to the market.
"Once Congress passes the market structure bill into law, under the leadership of [SEC Chair Paul Atkins], more financial activity will shift on-chain," Coinbase Chief Legal Officer Paul Grewal noted on Wednesday. "Our leaders need to reach consensus on the final details of the bill without delay […] ."
While the final version of the bill that the U.S. Senate is set to consider has not been made public at the time of writing, previously released drafts indicate that the bill would grant the Commodity Futures Trading Commission (CFTC) greater regulatory authority over digital assets. This would be a significant change from the current situation, where the Securities and Exchange Commission (SEC) primarily oversees regulation and enforcement.
Related: U.S. banking regulators approve national banks to engage in cryptocurrency trading
Original article: Senator Lummis Expects Markup Hearing on Crypto Market Structure Bill Next Week
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