Wyoming Senator Cynthia Lummis stated that a bill supporting digital asset market structure legislation will be submitted to the U.S. President by the end of this year. Lummis spoke at the Wyoming Blockchain Summit in Jackson Hole, stating that Republicans hope to pass it through the Senate Banking Committee by the end of September and then consider it in the Senate Agriculture Committee in October.
The two committees will discuss how the SEC and CFTC manage digital assets.
Senators plan to pass the market structure bill in the Senate, after the House approved the Clarity Act for the digital asset market in July, which received support from 78 Democrats. Lummis and other senators suggested building their version, the 'Responsible Financial Innovation Act', on the foundation of the Clarity Act.
Lummis hopes the Senate can maintain the achievements of the House, as the Clarity Act received broad bipartisan support. She believes that the final version may still be the Clarity Act, but will require fine-tuning by the Senate.
The Senate will also consider the CBDC bill.
The Clarity Act is part of the House's 'Crypto Week' agenda in July, alongside the market structure bill, the GENIUS bill for stablecoin payments, and the anti-Central Bank Digital Currency Surveillance Act.
However, the anti-CBDC bill has the least support among Democrats, with only two votes in favor. Lummis and other Republican senators indicated that market structure remains the primary concern, and CBDC regulation may be delayed until 2026.