Quick Takeaways:
- Senator Lummis plans to push the crypto market structure bill into markup next week.
- Bipartisan teams revised the draft repeatedly, leaving staff “exhausted.”
- The bill may shift key oversight of digital assets toward the CFTC.
Markup Expected Before the Holiday Recess
Senator Cynthia Lummis signaled that the long-awaited US crypto market structure bill could enter markup next week.
She delivered the update during the Blockchain Association Policy Summit on Tuesday. Lummis said staff on both sides were “exhausted” after weeks of nonstop revisions.
Final Draft Nearly Ready for Industry Review
The senator explained that bipartisan teams changed the bill “every few days” as they negotiated key provisions.
She now aims to release a near-final draft by the end of this week. That draft will go to industry leaders and lawmakers for review before next week’s markup hearing.
Lummis said it was time to “go ahead with a product” and allow teams to rest over the holiday break.
Legislative Delays and Political Roadblocks
The Banking Committee released its first discussion draft in July. Progress slowed after the country’s longest government shutdown and pushback from some senators concerned about DeFi rules.
A Politico report earlier this week confirmed that bipartisan talks were still moving toward a December markup.
Lummis previously projected that the bill could become law by 2026. However, political hurdles and committee bottlenecks may still delay a Senate vote.
What the Industry Expects From the Bill
Crypto leaders consider the bill a vital move toward certainty. Numerous experts think a defined market framework will speed up institutional engagement.
Paul Grewal, Coinbase’s legal office, stated that more financial infrastructures will “transition on-chain once the framework is completed by Congress. He encouraged legislators to settle the outstanding details.
While the conclusive document is yet to be published, the preliminary versions indicate a transfer of power to the Commodity Futures Trading Commission. This alteration would diminish the SEC’s control over asset regulation, representing a significant change in oversight.
The upcoming markup will reveal whether Congress can advance the most significant US crypto legislation to date. For now, industry stakeholders are watching closely as Lummis pushes for the first real movement in months.