“Our staffs are exhausted,” said the Wyoming senator at the Blockchain Association Policy Summit on Tuesday, speaking on the progress of the crypto bill.
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Wyoming Senator Cynthia Lummis, a member of the US Senate Banking Committee and one of the most prominent proponents for addressing digital asset market structure in Congress, said she wants to take the next step in advancing the bill sometime next week.
Speaking at the Blockchain Association Policy Summit on Tuesday, Lummis 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 said the crypto industry “was getting a little concerned” about the progress of the bill, adding that drafts were “changed so much every few days” during bipartisan discussions.
“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.”
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 involves lawmakers considering amendments and changes before a bill is sent to the Senate for a vote.
Although the banking committee of the market structure bill in July, after the Digital Asset Market Clarity Act passed the US House of Representatives, progress was slowed by the longest government shutdown in the country’s history and over DeFi provisions in the bill.
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A Monday from Politico signaled that bipartisan negotiations over market structure were proceeding with plans for a markup in December. Lummis that she expected the bill to be signed into law by 2026.
However, it’s unclear whether Republicans’ timeline will pan out. Even if senators were to proceed with a markup, other obstacles — such as partisan pushback — could lengthen the time for a vote.
Although the bill has yet to work its way through the Senate Banking Committee and Senate Agriculture Committee, many in the crypto industry have been championing Congress’ efforts to advance the legislation, citing clarity and benefits to the market.
“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,” Coinbase chief legal officer Paul Grewal on Wednesday. “Our leaders need to align on the last details in the bill without delay […].”
Although the final version of the bill to be considered by the US Senate was not public at the time of publication, previously released drafts the Commodity Futures Trading Commission more authority over digital assets. This would represent a significant change from the Securities and Exchange Commission essentially handling regulation and enforcement.
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