United States Senator Cynthia Lummis, a prominent advocate for enhanced digital asset market regulation, has announced her intention to move forward with a key bill next week.
Senator Lummis made this statement during the Blockchain Association Policy Summit held on Tuesday, December 9. She indicated that the markup hearing for the Responsible Financial Innovation Act, which addresses market structure, is anticipated to occur before Congress adjourns for the holiday season.
Progress on the Crypto Market Structure Bill
Addressing concerns about the bill's progression, Senator Lummis acknowledged that it has been advancing steadily, with drafts undergoing revisions in ongoing discussions between the involved parties. She noted that her staff, along with Senator Kirsten Gillibrand's team, have been working diligently on the legislation.
Lummis suggested that allowing the teams to finalize a version of the bill next week would be beneficial, followed by a Christmas break for everyone to recharge. "My goal is to share a draft at the end of this week that represents our best efforts so far and let the industry review it, along with Republicans and Democrats, before we go to markup next week," she stated.
A markup hearing is a formal congressional process where a committee or subcommittee debates, amends, and votes on proposed legislation before it proceeds to the full House or Senate.
While the banking committee had released a draft of the market structure bill in July, progress reportedly slowed after the US House of Representatives approved the Digital Asset Market Clarity Act. Sources indicated that this delay was attributed to the extended government shutdown and some lawmakers' opposition to specific decentralized finance (DeFi) provisions within the bill.
Anticipated Benefits for the Crypto Market
A report from Monday, December 8, indicated that bipartisan negotiations concerning market structure are moving forward, with a markup planned for December. This aligns with Senator Lummis's earlier remarks in September, where she projected the bill's enactment into law by 2026.
Despite this announcement, analysts have raised questions about the Republicans' commitment to this timeline. They also pointed out that political disagreements could potentially impede the bill's voting process, even if a markup proceeds.
For the bill to become law, it must be approved by both the Senate Agriculture Committee and the Senate Banking Committee. Nevertheless, many within the crypto industry support the legislative push, believing it will foster market clarity and provide significant benefits.
"More finance will shift on-chain under [SEC Chair Paul Atkins]’s leadership once Congress passes a market structure law," stated Coinbase’s chief legal officer, Paul Grewal, on Wednesday, December 10. "Our leaders must agree on the final details of the bill without any delays."