Donald Trump

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President Donald Trump

Senator Cynthia Lummis (R-Wyo.) on Friday renewed her call for Congress to approve a long-awaited crypto market structure bill, saying the legislation will provide clear rules that keep digital asset companies operating in the United States rather than offshore.
“For far too long, unclear rules have pushed digital asset companies offshore,” Lummis <a href="https://x.com/SenLummis/status/2007123469109215557?s=20" rel="noopener noreferrer nofollow">wrote</a> in a social media post urging lawmakers to act. “Our market structure legislation changes that by establishing clear jurisdiction, strong protections, and ensuring America leads the way. Let’s get this done!”
The call comes as momentum builds to advance a comprehensive framework that has been under development in both chambers of Congress, reflecting years of legislative effort to regulate digital assets after an extended period of uncertainty.
<h2 id="house-passes-clarity-act-bill-heads-to-senate">House Passes CLARITY Act, Bill Heads To Senate</h2>
The digital asset market structure effort traces back to the Digital Asset Market Clarity (CLARITY) Act, a bill that would lay out core regulatory definitions and market-structure rules for digital assets.
The House of Representatives approved the CLARITY Act by a wide bipartisan margin in July 2025, marking a key milestone in legislative efforts to clarify jurisdictional authority for digital commodities and related intermediaries. Latham &amp; Watkins
The CLARITY Act directs the Commodity Futures Trading Commission (CFTC) toward a central role in regulating digital commodities and related market functions, while preserving a role for the Securities and Exchange Commission (SEC) over certain digital asset transactions.
Following House passage, the bill was transmitted to the Senate for consideration, where broader consensus has yet to be reached.
<h2 id="senate-drafts-and-bipartisan-negotiations">Senate Drafts And Bipartisan Negotiations</h2>
In the Senate, lawmakers have been working on complementary market structure legislation building off the House bill.
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Chairs of key committees, including Senate Banking Committee Chair Tim Scott (R-S.C.) and Subcommittee on Digital Assets Chair Cynthia Lummis, released an initial discussion draft in July 2025.
Since then, Senate Agriculture Committee members also released a bipartisan draft addressing digital commodities, definitions and consumer protections, advancing the legislative groundwork on multiple fronts.
Multiple reports indicate that a markup session on the Senate version of the market structure bill is being planned for January 2026, a procedural step necessary before the measure can proceed to the Senate floor for a vote.
<h2 id="legislative-context-and-stablecoin-regulation">Legislative Context And Stablecoin Regulation</h2>
The market structure bill is part of a broader federal effort to regulate digital assets.
In June and July 2025, Congress enacted the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the first comprehensive federal law specifically governing payment stablecoins, requiring issuers to maintain stringent backing and transparency standards.
That legislation, which President Donald Trump signed into law in July, represented a significant step toward establishing a regulatory foundation for digital assets and financial innovation.
<h2 id="lummis-leadership-and-outlook">Lummis’ Leadership And Outlook</h2>
Lummis has been among the most prominent Senate advocates for crypto regulatory clarity.
A long-time supporter of Bitcoin (<a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">BTC</a>) and blockchain technology, she helped steer early discussions in the Senate and has previously introduced related bills aimed at bringing digital assets within a defined regulatory perimeter.
The latest push by Lummis arrives as the Senate advances multiple drafts and negotiators work to reconcile differing views on jurisdiction, consumer protections and the balance between innovation and oversight.
Industry participants and policymakers have characterized the market structure legislation as vital to providing the legal certainty that digital asset firms have lacked, enabling companies to build and operate in the United States without facing regulatory gray zones.
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Senate Crypto Bill Markup Set For Jan 2026 As Lummis Warns 'Companies Are Fleeing Offshore'

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