Senator Cynthia Lummis said lawmakers are close to passing bipartisan crypto market structure legislation that could shape digital asset regulation in the United States. Her comment reflects continued negotiations in the Senate following years of debate over how to regulate cryptocurrencies and digital commodities. This legislation aims to clarify roles between regulators and provide legal certainty for the industry. The effort brings lawmakers from both parties together. Republicans and Democrats have worked on different sections of the bill through Senate committees. They hope to merge these drafts into a single framework that can move through Congress and become law. Industry observers see this moment as one of the most significant in years for U.S. crypto policy. It could establish clear rules for trading, custody, and consumer protections across digital markets. What the Market Structure Bill Would Do Central to the bill is the concept of digital commodities. Under the current drafts, digital commodities are defined as fungible digital assets that can be transferred peer-to-peer on blockchains without intermediaries. These would fall mainly under the authority of the Commodity Futures Trading Commission (CFTC). The Senate Agriculture Committee’s draft, led by Senators John Boozman and Cory Booker, proposes new registration categories for digital commodity brokers, dealers, and exchanges. It also calls for stronger consumer protections, such as disclosures and risk-management requirements. Meanwhile, the Senate Banking Committee has advanced its own draft with language on securities, disclosures, and the role of the Securities and Exchange Commission (SEC). Lawmakers plan to reconcile both pieces into a unified Senate bill. When finally enacted, the bill would set federal standards for spot trading of cryptocurrencies, create clearer paths for regulated entities, and reduce regulatory uncertainty that has hindered investment and innovation. Timeline and Next Steps Lawmakers have scheduled committee markups and hearings in early 2026. A key date set by legislators for these markups is January 15, 2026, when both the Senate Agriculture and Banking Committees are expected to consider their versions of the bill. If both committees advance their drafts, leaders could merge them and move the combined bill to the Senate floor. Lawmakers aim for a final vote well before the next campaign season, hoping to deliver regulatory clarity in time to support continued growth in the crypto industry.
