Senator Lummis Says U.S. Crypto Market Structure Bill Will Be Law by 2026

Speaking at the Wyoming Blockchain Symposium in Jackson Hole, Lummis told attendees that Republicans are determined to push a comprehensive framework through both the Senate Banking Committee and the Senate Agriculture Committee before the end of the year. These committees will hash out the never-ending turf war between the SEC and the CFTC—a conflict that has left crypto businesses stuck in regulatory limbo for over a decade.

“We will have market structure to the president’s desk before the end of the year,” Lummis said, adding she hoped the legislation would be ready before Thanksgiving.

Lummis at Wyoming Blockchain Symposium in Jackson Hole, source: X

This push follows the House of Representatives’ approval of the Digital Asset Market Clarity (CLARITY) Act in July, which passed with surprising bipartisan support—78 Democrats crossed the aisle to back it.

Rather than reinvent the wheel, Lummis said the Senate will build on that momentum. Their draft—currently branded the Responsible Financial Innovation Act—will lean heavily on the CLARITY Act as its foundation:

“We want to honor as much of the House’s work as we can on CLARITY because they had a robust bipartisan vote,” she said. “CLARITY will probably end up being what passes, but CLARITY as tweaked by the Senate.”

The logic is simple: start with the bill that already pulled off bipartisan backing and adjust just enough to satisfy Senate egos.

Senate Banking Chair Tim Scott of South Carolina, also speaking in Wyoming, suggested momentum is building: between 12 and 18 Democrats may be open to supporting the bill once it clears committee. If that’s true, crypto could finally become one of those rare issues that bridges America’s polarized politics.

The question is whether that coalition can hold once the SEC vs. CFTC fight is spelled out in black and white. 

The CLARITY Act wasn’t the only digital asset legislation to make moves this summer. July was billed as “crypto week” in the House, which also passed:

• The GENIUS Act – regulating payment stablecoins. Already through the Senate, it was signed into law by Trump almost immediately.

• The Anti-CBDC Surveillance State Act – a symbolic Republican shot across the bow at the idea of a U.S. central bank digital currency. Democrats, unsurprisingly, hated it: only two Democrats out of 212 voted yes.

Given the lack of support, Lummis admitted that CBDC legislation will likely get punted to 2026, with market structure taking priority for now.

If Lummis is right, this would be a watershed moment. For years, the U.S. has lagged behind Europe (MiCA) and Asia (Singapore, Hong Kong) in crafting clear rules of the road. That regulatory vacuum has pushed talent and capital offshore, with U.S. crypto firms either lawyering up or setting up shop abroad.

A real market structure bill would finally give clarity on what counts as a security, what counts as a commodity, and who regulates what. It won’t end the political fights—nothing in Washington ever really does—but it could give the industry the stability it needs to build without fear of an SEC ambush.

If the timeline holds, 2025 could be the year of messy committee horse-trading, and 2026 the year crypto finally gets the American stamp of legitimacy.