Wyoming Senator Cynthia Lummis, one of the Republicans who leads the charge in support of the law for the Digital Asset Market structure, said that a bill would end at the desk of President Donald Trump’s President before the end of the year. “
Speaking at Wyoming Blockchain Symposium at Jackson Hole on Wednesday, Lummis Says Republican goals include having a market structure proposal to pass through the Senate Banking Committee by the end of September, following a consideration of the Senate Agriculture Committee in October.
Both committees will discuss how the US financial regulators, the Securities and Exchange Commission and Commodity Futures Trading Commission, hold digital ownership.
“We will have a market structure at the President’s desk before the end of the year,” Lummis said. “I hope this is before Thanksgiving.”
Republicans plan to pass market structure to the Senate Following the US House of Representative Approval of the Digital Asset Market Clarity (CLARITY) Act in July, with 78 Democrats voted for the bill. Lummis and other Senate Republicans their version of law was proposed.
“We (…) want to honor most of the work of the house as much as possible to clarity because they have a solid bipartisan vote,” Lummis said on Wednesday. “And we don’t want to disturb that. So we will use The Clarity Act as the Base Bill (…) the clarity will probably end with what passes, but clarity is like that of the Senate.”
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Lummis’s statements shouted at the chairman of the Senate Banking Committee Tim Scott, who spoke at Wyoming Blockchain Symposium on Tuesday. The South Carolina senator thought that “between 12 and 18 Democrats (was) at least open to voting for market structure” once Senate committees sent the bill for a floor vote.
Senate to consider CBDC’s bill also
The Clarity Act is one of three pieces of law passed by the Chamber in July as part of Republican’s “Crypto Week” plans. In addition to the market structure bill, the Chamber approved the Genius Act to repair payment stablecoins and the Anti-CBDC (Central Bank Digital Currency) Surveillance State Act.
The Genius Act, already passed by the Senate, was signed by Trump’s law the next day. However, the Anti-CBDC bill received the least amount of support Among the three bills from House Democrats – only two “yays” among all 212 members present.
The Lummis and other Republican senators at the majority have signed their intent to first focus on market structure, suggesting that any bill to repair CBDCs may be delayed in 2026.
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