Cynthia Lummis Targets Crypto Bill by Year-End

Senator Cynthia Lummis from Wyoming is determined to pass a cryptocurrency market structure bill by the end of this year. She announced a strategic shift, indicating that some senators will adopt the House's version as the foundational bill. During a panel at the Wyoming Blockchain Symposium, Lummis stated, "We will have market structure to the President's desk before the end of the year. I hope it's before Thanksgiving. So that’s our goal." Previously, Lummis, alongside Senators Bill Hagerty, Bernie Moreno, and Senate Banking Committee Chair Tim Scott, released a discussion draft for a more comprehensive crypto market structure last month. They had an internal deadline of September 30 for that committee. On a parallel path, the House passed a market structure bill last month called the Digital Asset Market Clarity Act, which significantly differs from the Senate Banking Committee's proposal. Lummis characterized the Senate as procedurally disorganized, stating, "We think we’ll use the House Clarity Act as the base bill. We want to incorporate as many of the changes the House made to the stablecoin bill as we can, respecting the House's work." She highlighted the bipartisan support for the Clarity Act, noting that 78 Democrats voted for it. A Senate aide mentioned that Lummis appreciates the House’s contributions to the Clarity Act and intends to retain as many elements as possible, although some modifications will occur. "We want to honor as much of the House’s work as we can on Clarity because they had a strong bipartisan vote, and we don’t want to disrupt that too much," said Lummis.