Senator Cynthia Lummis said she wants the Senate Banking Committee to move ahead with a markup of the long-delayed crypto market structure bill as early as next week, showing that negotiations in Washington have reached another pressure point.

Speaking at the Blockchain Association Policy Summit on Tuesday, Lummis said she hoped the Responsible Financial Innovation Act, the committee’s version of market structure legislation, would be ready for a formal markup before Congress leaves for the holidays.

Lummis said the industry had begun to worry about the pace of progress, noting that bipartisan drafts had been rewritten repeatedly in recent weeks.

She described a process that has strained both Republican and Democratic staff members, adding that the constant revisions were no longer sustainable.

“Our staffs are exhausted,” she said, explaining that she and Senator Kirsten Gillibrand wanted to present a draft by the end of this week, circulate it to industry and lawmakers, and then bring the bill to a markup next week.

A markup hearing would allow senators to amend the legislation before sending it to the full Senate. Also, Lummis said in September that she expected the bill to be signed into law by 2026.

Crypto Bill Stalls in Senate as Lawmakers Restart Negotiations

Her push comes after the House passed its own bill, the Digital Asset Market Clarity Act of 2025, in July. Since then, it has been waiting in the Senate for the next round of action.

GENIUS Act, Anti-CBDC Act, and CLARITY Act pass crucial procedural vote 215-211 in Congress after Trump's decisive Oval Office intervention rescues stalled crypto agenda.#GeniusAct #Trumphttps://t.co/Lm2tCBbimp

— Cryptonews.com (@cryptonews) July 16, 2025

The House legislation, formally introduced in May by Chairman French Hill, gives the Commodity Futures Trading Commission primary oversight of digital commodities while preserving the Securities and Exchange Commission’s authority over fundraising and token issuance.

The Senate Banking Committee has been developing its own version of a market structure framework, but progress stalled after the record-setting government shutdown and disagreements over how decentralized finance should be regulated.

Senate introduces new Crypto Market Structure Bill draft to expand @CFTC authority over digital commodities like $BTC and $ETH.

#ClarityAct #CFTChttps://t.co/qKO9rR7aYs

— Cryptonews.com (@cryptonews) November 11, 2025

Although senators released a discussion draft in July, the shutdown and the backlog that followed pushed talks deeper into the fall.

A report from Politico on Monday indicated that bipartisan negotiations had picked up again, with plans to hold a markup in December. That aligns with Senator Cynthia Lummis’ push to keep the timeline on track.

However, not everyone is pleased with how slow things have been moving. At the same policy event on Monday, Senator Bernie Moreno said the process had become “decently frustrating,” adding that he would rather see no bill at all than one that leaves major regulatory gaps untouched.

Sen. Moreno warns U.S. lawmakers: “No deal is better than a bad deal.” U.S. crypto legislation may be delayed

#Regulation #CLARITYActhttps://t.co/Z9QlO4yiD4

— Cryptonews.com (@cryptonews) December 9, 2025

He plans to meet with Democratic lawmakers this week in an effort to break the stalemate.

Lawmakers Race Clock as Crypto Bill Risks Election-Year Freeze

Earlier this year, Congress managed to push a stablecoin bill through with support from both parties, but the broader market structure package has been a far tougher lift.

One point of tension lies in how the House and Senate drafts define which tokens should not be regulated as securities.

The Senate version uses the term “ancillary assets,” while the Agriculture Committee’s proposal expands the CFTC’s authority instead. Both drafts still need markups, revisions, and formal votes before they can move forward.

There was a brief moment of optimism last week when Banking Committee Chair Tim Scott said a markup could take place on December 17 or 18.

But Senator Mark Warner suggested that wrapping everything up before the holiday recess would be difficult, noting that the White House still hadn’t provided final language on quorum and ethics rules.

The pressure to move faster is rising. Senator Thom Tillis warned that if negotiations drift into February, the bill could get stuck for the rest of the year once the election cycle takes over.

@SenThomTillis has said Congress has until February to move the US Crypto Bill forward before election politics slow progress. #ClarityAct #USCongress #MarketStructurehttps://t.co/LwL7ZwiOje

— Cryptonews.com (@cryptonews) October 28, 2025

That sense of urgency has only increased since the 43-day shutdown ended on November 13, leaving several crypto-focused bills, including the CLARITY Act, waiting for attention.

The post “Our Staffs Are Exhausted”: Senator Lummis Pushes for Crypto Market Structure Markup Next Week appeared first on Cryptonews.

Senators engaged in bipartisan discussions regarding the anticipated crypto market structure bill met on Tuesday amid ongoing disagreements about the timing of a committee vote on the legislation. 

According to a report from Politico, Sen. Cynthia Lummis, a key negotiator for the Republican side, expressed optimism that a new draft of the bill could be released this week. 

Lummis aims to have the bill ready for markup before Congress adjourns for the holiday break, stating, “Knock on wood, I hope to share a draft at the end of this week that reflects our best efforts to date.”

Lummis Urges Swift Progress On Crypto Legislation

During a panel discussion hosted by the Blockchain Association, Sen. Lummis emphasized the urgency of progressing with the legislation. She remarked that it might be advantageous for lawmakers to finalize a product and proceed with the markup next week, allowing everyone to take a break for the Christmas holidays. 

In related developments, Politico reported that Senate Banking Republicans submitted a proposal to their Democratic counterparts last week, suggesting over 30 amendments to a previous draft of the legislation. 

The three-page document, which comes from GOP senators on the Banking Committee, seeks to maintain certain elements of the original bill while incorporating adjustments acceptable to Democratic lawmakers.

Senate Banking Committee Chair Tim Scott and other Republicans are eager to finalize the markup next week, although some Democrats have expressed skepticism about this ambitious timeline. Following a meeting on Monday, Democrats sent a response to the GOP offer, but details of their feedback remain unclear.

Concessions In GOP’s Proposal 

The GOP’s proposal outlines the aspects from a September crypto market structure framework that they agree to integrate into a bipartisan bill, hoping to reconcile differences with their Democratic colleagues. 

The proposal includes a two-column table delineating 38 concessions the Republicans are willing to make, in exchange for retaining or modifying 32 sections of the original Responsible Financial Innovation Act discussion draft.

Among the concessions is language that reflects White House approval, which could address Democratic concerns regarding appointments to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

Additionally, the proposal contains ethics provisions aimed at addressing scrutiny over the Trump family’s business connections in the crypto sector. 

However, Lummis noted a previous ethics proposal she negotiated with Sen. Ruben Gallego was rejected by the White House, and she plans to collaborate further with Democrats to revisit the issue.

Other notable concessions from the Republicans include a section on consumer protection standards for digital assets, proposed language regarding bankruptcy, the establishment of a federal baseline for crypto ATMs, and risk management standards for digital asset intermediaries. 

Featured image from DALL-E, chart from TradingView.com 

In the wake of the GENIUS Act, which was signed into law by President Donald Trump in July, attention is now turning to the CLARITY Act, commonly known as the crypto market structure bill. This legislation has encountered substantial delays, exacerbated by the recent government shutdown and a lack of consensus in Congress.

Bank Leaders To Engage With Congress On Key Crypto Topics

This week, the CEOs of Citigroup, Wells Fargo, and Bank of America are scheduled to meet with both Republican and Democratic senators to discuss the evolving legislation surrounding crypto market structure. 

The meetings are set for Thursday, and congressional staff have indicated that the CEOs would welcome the chance to share insights on US Global Systemically Important Bank (GSIB) market structure priorities.

The bank leaders are anticipated to hold separate discussions with lawmakers from both parties, emphasizing collaboration to shape effective policies that position the United States as a leader in crypto assets. Among the topics on the agenda are bank permissibility, interest payments, and concerns surrounding illicit finance. 

Senate Faces Hurdles

Recent updates on social media platform X (previously Twitter) from Eleanor Terret of Crypto In America, also indicate that obtaining a markup for the crypto market structure bill before the Christmas break poses challenges. 

Senator Mark Warner has expressed concerns about pending language from the White House regarding two critical components of the bill—ethics and quorum. 

Warner noted the importance of addressing these issues thoughtfully, stating that bipartisan discussions are ongoing, yet productive progress is essential.

The Senate’s approach to the legislation is further complicated by its division into two committees: the Banking Committee, which oversees securities laws, and the Agriculture Committee, which focuses on commodities law. 

Both committees have released drafts of their work during the fall, with markup sessions—the process for voting on amendments before a full Senate vote—upcoming. However, both committees are proceeding cautiously due to unresolved issues.

Senators Demand Conflict Of Interest Provisions

The most pressing concerns include the treatment of stablecoin yields, potential conflicts of interest, and the regulatory approach to decentralized finance (DeFi). 

Some Democratic senators have indicated that they will not support the legislation unless it includes provisions addressing any possible conflicts relating to the President’s family and their business involvements in the crypto realm. 

Moreover, while market structure legislation primarily targets centralized platforms managing user funds, there is a push from the traditional finance sector to classify virtually all crypto-related entities, including developers and validators, as intermediaries.

Market analyst MartyParty provided an encouraging update on December 4, noting that the bipartisan crypto market structure bill is gaining momentum in Congress. 

A markup session with the Senate Banking Committee has been tentatively scheduled for December 17-18, just prior to the holiday recess.

Featured image from DALL-E, chart from TradingView.com 

The anticipated crypto market structure bill, or namely the CLARITY Act, designed to provide essential regulatory clarity for digital assets in the United States, is approaching critical dates in the Senate. However, it faces significant complexities related to stablecoin yield, conflicts of interest, and decentralized finance (DeFi).

Senate Divided On Crypto Market Structure Bill

Legal expert and Chief Legal Officer of Variant Jake Chervinsky, reports that the Senate is divided into two committees: Banking, which is handling the securities law aspect, and Agriculture, responsible for the commodities law portion. 

Both committees have published drafts of their work this fall, with the next step being markup, a process where hearings will be held to vote on amendments before sending the bill to the Senate floor for a full vote.

However, both committees are cautious and are unlikely to proceed with markup until they resolve ongoing disputes. Among these, three significant issues stand out.

The first major concern involves stablecoin yield. In the GENIUS Act, banks lobbied for a prohibition on interest payments, meaning stablecoin issuers cannot offer holders any form of interest or yield. 

While the current prohibition prevents direct yield payments to holders, it does not address non-yield rewards or yield provided by third parties. Banks consider this gap a “loophole” and are advocating for broader restrictions to be included in the market structure bill. 

Conflicts Of Interest And DeFi Regulations Stall Progress

The second issue revolves around conflicts of interest. Some Democratic senators have indicated they would not support the market structure legislation unless it includes provisions that restrict the President’s family from conducting business in the crypto space. 

The third and perhaps most crucial issue pertains to DeFi. It is important to note that market structure legislation primarily addresses centralized platforms that exercise custody over user funds and transactions. 

Chervinsky believes the bill should primarily focus on protecting DeFi, but traditional finance (TradFi) stakeholders have been pushing Congress to categorize virtually all entities in the crypto sector—developers, validators, and others—as intermediaries. 

The expert emphasized that the success of any market structure bill hinges on ensuring robust protections for developers since the viability of the crypto industry relies on their contributions. 

Given the intricate nature of these issues and the swiftly approaching holiday break, Chervinsky noted that it is possible that discussions about market structure could extend into January. 

Senate Markup Set For December 17-18

Market analyst MartyParty provided another update on December 4, indicating that the bipartisan Digital Asset Market Structure Bill is gaining significant momentum in Congress, with a markup session in the Senate Banking Committee tentatively scheduled for December 17-18, just before the holiday recess

If successfully passed, he states that the bill could establish clearer pathways for tokenized real-world assets (RWAs) and mitigate “debanking” risks, paving the way for compliant exchanges and potentially stimulating market volumes following the Commodity Futures Trading Commission (CFTC) approvals for spot crypto trading. 

This “regulatory convergence” is seen as a catalyst that could drive liquidity and energize the next bull market, reinforcing President Trump’s vision for the US to emerge as the “crypto capital of the world.”

Featured image from DALL-E, chart from TradingView.com