Headline: Key senator says crypto market-structure bill is close — “We think we’ve got it”
Senate negotiators appear to have reached critical compromises on the long-sought crypto market structure bill, U.S. Senator Cynthia Lummis said Wednesday — a sign that Congress may finally move on legislation the industry has been lobbying for months.
“We think we've got it,” Lummis, chair of the Senate Banking Committee’s digital assets subcommittee, told the DC Blockchain Summit hosted by the Digital Chamber. She said the committee plans to move the bill in April, after the Senate’s Easter recess.
Where talks stood
Lummis has been leading negotiations over wording in the Digital Asset Market Clarity Act, the bill aimed at clarifying market rules for digital assets. Much of the fight has centered on stablecoin rewards programs — features many crypto platforms have offered that some banks argued would undercut deposit accounts. Those bank objections briefly derailed progress after last year’s GENIUS Act left room for industry rewards that resemble yield.
The emerging compromise appears to draw a clear line: crypto platforms would be barred from promoting rewards using banking terminology or tying payouts directly to the size of a user’s holdings. “Anything that sounds like banking product terminology will not appear,” Lummis said. She has not seen the final text but noted Coinbase CEO Brian Armstrong has been “really pretty good about being willing to give on this issue.” Coinbase, which has pushed stablecoin rewards, opposed an earlier compromise that stalled the process.
Other negotiators weighing in
Senator Bernie Moreno, speaking at the same summit, said two colleagues — Democrat Angela Alsobrooks and Republican Thom Tillis — are in the last stage of stablecoin discussions, which also involve the White House. Once they sign off, Moreno said, it will be “go time” for the bill.
Lummis also said prior disagreements over language governing the security of decentralized finance (DeFi) have been resolved.
Ethics provision remains a sticking point
Not all issues are settled. Senator Kirsten Gillibrand, who frequently partners with Lummis on crypto policy, urged inclusion of a ban preventing senior government officials from personally profiting from crypto. The proposal, she said, is aimed at preventing elected and appointed officials — including the president — from using their positions and information to profit from the industry. Gillibrand argued the ethics restriction would “unlock many more votes” from Democrats.
Next steps and timeline
Lummis expects the Banking Committee to hold a hearing and markup in late April. If the committee approves the bill, that would follow an earlier version the Senate Agriculture Committee already passed, and lawmakers would then work to reconcile the bills into a final draft for a possible Senate floor vote.
Timing remains uncertain: congressional floor time could be consumed by unrelated legislative fights, tensions over the war in Iran, and the demands of the 2026 elections, which will shorten the Senate session. Still, Lummis struck a determined tone: “We're going to have this thing done, come hell or high water, before the end of the year.”
(Reporting updated to include comments from Senators Bernie Moreno and Kirsten Gillibrand.)
Read more AI-generated news on: undefined/news
