Senator Lummis Pushes for Crypto Market-Structure Bill Markup Next Week Amid Staff Exhaustion and Ongoing Disputes
Senator Cynthia Lummis is aiming to have a markup of the Responsible Financial Innovation Act, the Senate Banking Committee's market-structure bill, as early as next week before lawmakers break for the holiday recess. Lummis and Senator Kirsten Gillibrand intend to present a draft by the end of the week, circulate it among industry stakeholders and lawmakers, and then move to markup the bill next week. The process has been challenging, with repeated rewrites exhausting staff and industry participants.
The House passed the Digital Asset Market Clarity Act of 2025 in July, while the Senate continues to develop its own market-structure framework, though progress has been stalled by the recent government shutdown and disagreements over regulating decentralized finance (DeFi). Negotiations have reportedly gained momentum with plans for a markup in December; however, the White House has yet to provide final quorum and ethics language necessary for the process.
Senator Bernie Moreno expressed frustration with the drawn-out negotiations and emphasized a preference for no bill over one that leaves significant regulatory gaps, planning to meet with Democrats to try to resolve the deadlock. Key disagreements persist over token regulation: the Senate draft uses the term "ancillary assets," whereas the Agriculture Committee's proposal would notably expand the Commodity Futures Trading Commission's (CFTC) authority. Both drafts require further markups, revisions, and votes before moving forward.
Banking Committee Chair Tim Scott suggested a potential markup could occur on December 17–18, but Senator Mark Warner cautioned that concluding the bill before the holidays remains unlikely, indicating that February may be a more realistic timeline.
