During a conversation at the SALT conference in Jackson Hole, Wyoming, U.S. Senator Cynthia Lummis announced that a finalized version of the crypto market structure bill will be submitted to President Donald Trump before Thanksgiving, slightly after the initial deadline set by Senator Tim Scott. Lummis expressed confidence that the bill will be on the President's desk before the holiday, reiterating her earlier statement that the legislation is expected to be completed by the end of 2025. The Senate Banking Committee aims to pass the bill by the end of September, with the Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission, scheduled to review it by the end of October.
Lummis reaffirmed that a market structure will be in place by the end of the year. Senator Tim Scott, chairman of the Senate Banking Committee, anticipates that up to 18 Democrats may support the Senate's response to the House's Digital Asset Market Clarity Act.
This bill is a pivotal piece of legislation for the crypto industry, as it will define the regulatory roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission.