Senator Lummis expects crypto legislation to be debated next week

Wyoming Senator Cynthia Lummis, one of the most prominent advocates for digital asset market structure in Congress, said she expects the crypto legislation to move to the next stage as early as next week.

Bill Progress

On December 9, Lummis announced that she expected a hearing on finalizing the Responsible Financial Innovation Act—the Banking Committee's version of the market structure bill—to take place before Congress goes into recess. The senator acknowledged that the crypto industry is "a little concerned" about the bill's progress, adding that the drafts "have been changing dramatically every few days" during bipartisan deliberations.

Employee Fatigue

"Employees are exhausted." "I think we've reached a point where it's best to move quickly on the product, finalize it next week, and then give everyone a break over the Christmas break to recuperate," Lummis said.

Senator's Personal Goal

The senator also noted that her personal goal is to share a draft by the end of this week. "That's as far as we can go. We'll give the industry a chance to review it, Republicans and Democrats, and then we'll move on to finalizing it next week," she said.

Bill Finalization Hearing

A finalization hearing involves lawmakers reviewing amendments and changes before the bill is sent to the Senate for a vote. Although the Banking Committee released a draft of the market structure legislation back in July, progress has slowed since the Digital Asset Market Clarity Act passed the US House of Representatives.

Reasons for the Slowdown

The reasons for the slowdown include:

- The longest shutdown in the country's history
- Reports of resistance from some legislators

The situation surrounding crypto legislation continues to evolve, and many in the industry are eagerly awaiting the results of the upcoming hearings and possible changes to the bill. Therefore, we look forward to next week, after which we'll be able to draw some conclusions.