U.S. Senator Lummis Says Crypto Market Structure Bill Is Close to Passage

The U.S. House Financial Services Committee is advancing a crypto market structure bill aimed at clarifying regulatory authority over digital assets and addressing differences in the rules governing stablecoin issuers and banks. Congressional approval would give the industry a clearer legal framework, affecting how cryptocurrencies are issued and traded in the United States and how financial institutions participate in the market.

Committee Chairman French Hill recently said the market structure bill was a major priority and expressed optimism that it would pass the U.S. Senate. Reports did not disclose a voting date, vote count or any related financial amount. The next key test is whether senators can reach consensus on the regulatory differences between stablecoin issuers and the banking industry and set a timetable for consideration and a vote.

The US Congress is advancing the CLARITY Act, which seeks to define the respective authority of the Securities and Exchange Commission and the Commodity Futures Trading Commission over digital assets. The bill has implications for trading platforms, stablecoins and developer liability, but the Senate Banking Committee must first resolve regulatory disagreements before sending it to the full Senate for a vote.

Senators filed more than 100 amendments ahead of the committee's May 14 markup. Democratic Senator Elizabeth Warren submitted more than 40 proposals covering stablecoin yield, protections for software developers and ethics rules for public officials, including provisions targeting Trump. Committee Chairman Tim Scott declined to hold a separate vote on a banking industry-backed proposal to restrict yield.

The US Congress is advancing the CLARITY Act, which aims to establish consistent market structure rules for digital assets and clarify the respective regulatory authority of the Securities and Exchange Commission and the Commodity Futures Trading Commission. If enacted, the legislation would affect cryptocurrency issuance, trading-platform operations and investor protections.

Senate Banking Committee member Bill Hagerty said the bill, delayed for months, is expected to receive committee consideration in April. If approved, it could then proceed to a vote by the full Senate. The timetable is seen as a key test of whether a US digital-asset regulatory framework can take shape during the current Congress.

The CLARITY Act being advanced by the US Congress is intended to divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The legislation will shape whether cryptocurrencies are classified as securities or commodities and affect compliance costs for trading platforms, issuers and stablecoin operators.

As of July 19, 2026, the Senate Banking Committee had released the bill text ahead of a hearing. Republican Senator Tim Scott said negotiations were making progress and that a compromise proposal on stablecoin yield was expected this week. The SEC also issued its first guidance on determining when crypto assets are securities, while Chair Paul Atkins said stablecoin legislation was “99% there.”

The US Senate has been working on digital asset market structure legislation since July 2025 to clarify the division of crypto oversight between the SEC and CFTC and establish rules for yield-bearing products. The bill would define compliance boundaries for trading platforms and banks, but negotiations remain stalled by a government impasse and bipartisan disagreements over yield mechanisms.

NYDIG warned that if the Senate fails to pass the bill by August 2026, the November midterm elections could delay progress until after the vote. A Senate leader also said the market structure bill was unlikely to pass before April at the earliest. Congress has yet to assemble enough votes to advance it, leaving little chance of substantive legislation being completed before the elections.