Senator Cynthia Lummis (R-Wyoming), a leading advocate for digital-asset legislation in the U.S. Senate, announced Tuesday that she expects to release a new draft of the long-delayed crypto market-structure bill by the end of this week, before a scheduled markup hearing next week.
What’s behind this push
At the Blockchain Association Policy Summit, Lummis — a member of the Senate Banking, Housing, and Urban Affairs Committee — said that bipartisan negotiations had repeatedly altered the draft text. The continuous revisions, she added, had become unsustainable for staff.
“Our staffs are exhausted,” Lummis said. “I think that we’re to the point where it’s better to go ahead with a product and mark it up next week and then give everybody a break over the Christmas break to catch their breath.”
Her plan: release what she described as the “best efforts to date” draft by week’s end — giving industry stakeholders, Republicans, and Democrats a chance to review and provide feedback — ahead of a markup hearing.
What the bill is and why it matters
The legislation at the center of these discussions is the Responsible Financial Innovation Act — the Senate’s attempt to build a comprehensive regulatory framework for digital assets, trading venues, stablecoins and other aspects of the crypto ecosystem.
Under prior drafts — including the one released in July — the bill sought to create clear definitions for “ancillary assets,” distinguish between securities and commodities in the digital-asset context, update disclosure requirements, and tailor regulations for offers, sales, custody, and trading of digital assets under U.S. law.
Supporters argue the bill could break years of regulatory uncertainty, protect consumers and investors, and foster innovation by clearly delineating the roles of regulators such as the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) — particularly when it comes to decentralized finance (DeFi), tokenized assets, and stablecoins.
What’s holding things up — and what’s next
Despite progress, certain elements have sparked friction, especially provisions related to decentralized finance (DeFi), oversight and ethics rules, and regulator appointments — areas where bipartisan agreement remains elusive.
According to Lummis, that is part of the reason for the urgency now: to present a workable draft for review rather than continue perpetual back-and-forth. If a markup hearing proceeds next week as planned, the bill could move closer to Senate floor consideration, potentially positioning Congress to pass comprehensive crypto-market regulation next year.
Possible impact
For the crypto industry — including exchanges, DeFi platforms, stablecoin issuers, and other stakeholders — the release of a draft provides a rare opportunity to weigh in on a full, detailed regulatory framework. Many have long lobbied for clarity and consistency in U.S. crypto regulation, arguing that uncertainty has driven innovation overseas.
If enacted, the legislation could redefine the regulatory landscape for digital assets in the United States — clarifying which digital assets are treated as securities or commodities, reshaping custody and compliance obligations, and setting rules for trading and market infrastructure.
But the path remains uncertain. Differences over DeFi, oversight authority, and broader ethical or structural concerns could result in further amendments or delays. As Lummis herself has implied, some negotiation and political “cajoling” — including from the White House — may still be necessary to bring the bill across the finish line.
What to watch next
- Whether the draft is released publicly by the end of this week as promised.
- The contents of the draft — especially how it treats DeFi, stablecoins, custody, and regulator roles.
- Reactions and feedback from crypto-industry stakeholders, financial-services firms, and consumer-protection groups.
- Whether the markup hearing occurs next week — and if amendments are proposed that could significantly alter the bill’s structure or timeline.
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