Senator Lummis declares digital asset legislation nearing finish line
According to the Wyoming Republican lawmaker, stablecoin yield represents the primary obstacle preventing the bill's advancement, though she noted that concerns regarding DeFi provisions appear to have been resolved.
Cynthia Lummis, the Wyoming Senator who has been among the leading advocates for digital asset market structure legislation in Congress, has indicated that the bill is approaching final passage even with "things that [she] did not expect" occurring throughout 2025.
During her appearance at Wednesday's DC Blockchain Summit, an event organized by the Digital Chamber, Lummis expressed that she had anticipated the cryptocurrency sector would be conducting a "victory lap" for the market structure bill by this point, noting that it successfully cleared the US House of Representatives in July 2025. According to her statements, "the main thing" causing delays in the legislative process has been the ongoing dispute regarding stablecoin yield and rewards, which has created tension between representatives from the banking sector and the cryptocurrency industry.
"We are so close this time. Some of the people that have been very dug in on the issue of yield versus rewards have been working closely with the White House [...] working with our members who have been trying to come up with a compromise on that issue. We think we've got it."
Lummis told Summit attendees
The Wyoming lawmaker serves as a member of the Senate Banking Committee, the body that has been responsible for creating roadblocks for the bill's progress through Congress following a decision by its chairman, Tim Scott, to postpone indefinitely a markup session that had been scheduled for January. While the Senate Agriculture Committee moved forward with its own version of the legislation in January, both pieces will require consolidation in some manner to properly handle matters relating to commodities and securities regulations prior to any vote taking place in the full Senate chamber.
According to Lummis, her Senate colleagues are planning to conduct a markup session in April, following Congress' break for the Easter holiday. As of Wednesday's date, the banking committee had yet to announce a rescheduled markup session for the bill.
The subjects generating significant debate among lawmakers encompass tokenized equities, ethical considerations — particularly regarding elected officials who might benefit financially from cryptocurrency industry investments — stablecoin yield provisions, and decentralized finance regulations. Throughout 2026, the White House has convened three separate meetings bringing together representatives from both the cryptocurrency sector and banking industry in efforts to advance the legislative proposal.
"We think we've got the DeFi issue put to bed," said Lummis, adding that there were still some issues over money transmitters and how to clarify the definition of crypto assets as securities or commodities.
Can Congress pass market structure before 2027?
Among the challenges facing supporters of the market structure legislation has been the looming impact of the 2026 midterm elections, scheduled for November and set to produce a newly configured Congress beginning in January. The electoral contest will determine the fate of all 435 House seats along with 33 Senate positions, potentially providing Democrats with an opportunity to wrest control of both legislative chambers away from Republican leadership.
"This may be our only chance to get market structure done," said Lummis in a Wednesday X post, referring to the White House supporting the bill.
In December, Lummis made public her decision not to pursue reelection to her Senate seat. Cointelegraph contacted her office seeking additional commentary on the midterm election implications but had not received a response at the time of publication.
"If we don't get the CLARITY Act passed by May, digital asset legislation will not pass for the foreseeable future," said Ohio Senator Bernie Moreno on Wednesday.
During his address at the DC Blockchain Summit on Tuesday, Scott indicated he anticipated having a proposal ready addressing how to handle stablecoin yield within the bill "before the end of this week." John Thune, his fellow Republican and the Senate Majority Leader, stated last week that his expectations were for the banking committee to delay passing market structure legislation until after April, choosing instead to focus legislative energy on a contentious bill concerning voting requirements.