Lummis promised to complete the legislation by the end of the year, aiming to send it to the president before Thanksgiving.
Wyoming Republican Senator Cynthia Lummis announced at the Wyoming Blockchain Summit that the cryptocurrency market structure bill will be completed in the legislative process by the end of the year and sent to President Trump for signing.
Lummis stated: 'We will send the market structure bill to the president's desk by the end of the year and hope to complete it before Thanksgiving.'
According to the timeline set by the Republicans, the Senate Banking Committee plans to pass the bill by the end of September, which will then be reviewed by the Agriculture Committee responsible for overseeing the Commodity Futures Trading Commission (CFTC) in October.
Lummis emphasized that this bill is one of the most important pieces of legislation for the cryptocurrency industry, clearly defining how the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission will regulate the digital asset market. She pointed out that the bill aims to balance innovation with accountability while providing consumer protection and long-desired regulatory certainty for the rapidly growing digital asset industry.
The Senate version is based on the House version (CLARITY Act) and has bipartisan support.
The Republican legislative strategy in the Senate is based on the (Digital Asset Market Clarity Act) passed by the House in July (referred to as the CLARITY Act). The bill garnered support from 78 Democratic representatives in the House, demonstrating strong bipartisan cooperation.
Lummis stated that the Senate version is tentatively named the (Responsible Financial Innovation Act) and will be revised based on the House's (CLARITY Act).
Lummis said: 'We hope to respect the work of the House on the (CLARITY Act) as much as possible, as they have received strong bipartisan voting support; we do not want to overly interfere with this bill, so we will use the (CLARITY Act) as the basis... the one ultimately passed is likely to be the (CLARITY Act) adjusted by the Senate.'
Senate Banking Committee Chairman Tim Scott also stated at the summit that 12 to 18 Democratic senators are expected to support the Senate version of the bill.
Federal Reserve officials emphasize the importance of stablecoins, as digital assets integrate into U.S. financial policy.
At the Wyoming Blockchain Summit, Federal Reserve officials highlighted the importance of stablecoins and artificial intelligence in the future of American finance. Federal Reserve Vice Chair Michelle Bowman told attendees that the U.S. is witnessing a 'seismic shift' in the understanding of currency and value. Federal Reserve Governor Christopher Waller noted that stablecoins are no longer just transactional currencies but have become a global force with the potential to enhance the international standing of the dollar.
Waller emphasized that the technology-driven revolution, including stablecoins, digital wallets, and artificial intelligence, is redefining the flow of funds throughout the economy. He stated that stablecoins have advantages such as fast transfers, which can enhance the efficiency of retail and cross-border payment settlements.
This summit attracted many heavyweight figures, including SEC Chairman Paul Atkins, Federal Reserve Governor Waller, and Senator Scott, highlighting that cryptocurrency has become a core issue in American financial debates.
Republicans prioritize promoting the market structure bill, while CBDC-related legislation is postponed until 2026.
(CLARITY Act) is one of the three bills promoted by the Republicans during the 'Crypto Week' in July. In addition to the market structure bill, the House also passed the (GENIUS Act) regulating payment stablecoins and the (anti-CBDC surveillance state bill) limiting the development of central bank digital currencies.
Among them, the (GENIUS Act) has been passed by the Senate and signed into law by President Trump, but the (anti-CBDC surveillance state bill) received only 2 votes of support from House Democrats, making it the least supported among the three bills.
Lummis and other Republican senators stated that they will prioritize promoting the market structure bill, and any legislation related to central bank digital currencies may be postponed until 2026. With the complexities of the Senate schedule, the progress of deliberations in the Banking and Agriculture Committees in the coming months will be key factors in whether the bill can be completed on time.
'The Senate accelerates regulation, lawmakers: striving for Thanksgiving for Trump to sign the (CLARITY Act)' this article was first published in 'Crypto City'.