U.S. Senator Cynthia Lummis (R-Wyoming) said Thursday that lawmakers are closer than ever to delivering long-anticipated crypto market structure legislation, despite recent setbacks and delays in the Senate Banking Committee’s schedule. Lummis’ comments reflect ongoing bipartisan negotiations to establish a comprehensive regulatory framework for the digital asset industry.
Progress Amid Legislative Setbacks
The highly anticipated crypto bill — intended to clarify rules governing digital asset markets, define regulatory authority and provide legal certainty — has encountered delays in early 2026 after a scheduled markup in the Senate Banking Committee was postponed. The delay followed Coinbase CEO Brian Armstrong’s public withdrawal of support for the legislation in its current form, citing concerns about provisions that could restrict industry innovation.
Despite these setbacks, Lummis expressed optimism, saying on social media platform X that negotiators remain at the table and are working in good faith to iron out remaining differences. “Everyone is still at the negotiating table, & I look forward to partnering with [Sen. Tim Scott] to deliver a bipartisan bill the industry — and America — can be proud of,” she wrote.
Senator Bill Hagerty (R-Tennessee) echoed her confidence, saying he believes lawmakers can reach a consensus on the legislation soon.
What the Bill Aims to Accomplish
The proposed crypto market structure bill seeks to clarify the legal status of cryptocurrencies and assign primary oversight of spot crypto markets to the Commodity Futures Trading Commission (CFTC), rather than leaving regulators to interpret fragmented or outdated securities laws. It also includes provisions on stablecoin regulation, such as restricting interest-only payments on stablecoin holdings while allowing certain customer incentives.
The House of Representatives passed a related version of crypto legislation in 2024, but the Senate version has faced procedural hurdles and intense negotiation over issues like decentralized finance (DeFi) rules, anti-money-laundering provisions and regulatory jurisdiction.
Industry and Political Dynamics
While key industry figures have raised concerns about some provisions, other stakeholders have emphasized the need for meaningful regulatory clarity. Representatives from exchanges, DeFi advocacy groups and financial trade associations have called on lawmakers to advance a framework that supports innovation while providing lawful certainty for firms operating in the United States.
Observers note that even though the crypto market structure bill has encountered delays — including postponement of hearings and markup sessions — bipartisan momentum remains. Lawmakers are continuing discussions in hopes of consolidating a version of the bill that can secure majority support and ultimately be sent to President’s desk.
What Happens Next
Negotiations will continue in the coming weeks as committee leaders and industry stakeholders work to refine the language and address outstanding concerns. If progress continues, the market structure bill could represent the most significant regulatory overhaul of the U.S. digital asset sector in years, creating nationwide clarity for investors, service providers and institutional participants.
