U.S. Senator Cynthia Lummis — one of the most prominent advocates for digital asset regulation in Congress — has indicated that the long-awaited crypto market structure bill is entering a decisive phase. According to her remarks, the legislation could be formally taken up next week.
Lummis made the announcement during the Blockchain Association Policy Summit on Tuesday, December 9, noting that she expects a markup hearing — the official debate, amendment, and internal vote on the bill — to take place before Congress leaves for the holiday recess. The markup is a crucial step before the bill can advance deeper into the legislative process.
The Bill Nears Completion, but Staff Are Exhausted
The senator acknowledged that progress has been slow, largely because both political parties have repeatedly revised significant portions of the text. According to Lummis, drafts have been changing almost every few days.
She also remarked with a hint of humor that her team — and the team of Senator Kirsten Gillibrand, who co-sponsors the bill — is “completely worn out.” To finalize a high-quality draft, Lummis plans to give their teams next week to complete the last round of revisions before everyone takes a well-needed Christmas break.
“My goal […] is to share a draft at the end of this week that represents our best efforts so far and let the industry, as well as Republicans and Democrats, review it before we go to markup next week,” she explained.
A markup hearing is a formal congressional event where a committee debates a bill section by section, proposes amendments, and ultimately votes on whether to advance it to the full chamber.
Delays Caused by Other Legislation and the Longest U.S. Government Shutdown
Although the Senate Banking Committee released an initial version of the bill in July, progress slowed dramatically. Several factors contributed to this, including:
The House’s approval of the Digital Asset Market Clarity ActThe longest government shutdown in U.S. historyOpposition from some lawmakers to certain DeFi-related provisions
Sources familiar with the process indicated that these issues together caused several weeks of delays.
Optimism Grows: The Bill Could Help Clarify the Market, but Political Disputes May Still Slow Its Path
A report published Monday, December 8, states that bipartisan negotiations have recently accelerated and that a markup is tentatively planned for December. This aligns with Lummis’s earlier comments from September, in which she predicted the bill could become law in 2026.
However, analysts warn that political dynamics could again disrupt the timeline. Even if senators move forward with the markup, internal disagreements between and within the parties may still delay a final vote.
Sources also emphasize that the bill must still pass through two essential congressional bodies:
The Senate Agriculture CommitteeAnd the Senate Banking Committee
Despite the obstacles, many leaders in the crypto industry welcome Congress’s push toward clearer regulation. They argue that the bill would bring long-awaited certainty to the U.S. blockchain ecosystem.
Paul Grewal, Chief Legal Officer at Coinbase, stated:
“More finance will shift on-chain under [SEC Chair Paul Atkins]’s leadership once Congress passes a market structure law. Our leaders must agree on the final details without delays.”
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