Senator Lummis: Market Structure Bill One Step Away from Passage, Banking Industry Disagreements Near Resolution

Wyoming Republican Senator Cynthia Lummis stated on March 18 at the Washington D.C. Blockchain Summit hosted by the Digital Chamber of Commerce that the U.S. Digital Asset Market Structure Bill (CLARITY Act) is “very close” to being officially passed. However, if the current legislative window is missed, “digital asset legislation will not be able to pass in the foreseeable future.” Lummis pointed out that disagreements within the banking industry are nearing resolution.

Final Hurdle: Stablecoin Yield Disputes Enter Last Negotiation Stage

(Source: Washington D.C. Blockchain Summit)

Lummis directly identified stablecoin yields as the “main reason” for the bill’s delay, noting that crypto industry players and banking representatives hold clearly opposing positions, each with their own lobbying channels at the White House. She revealed that both sides are actively seeking compromise under White House coordination.

“Some who are very firm on issues of yield and returns have been working closely with the White House and collaborating with our members to reach a compromise on this issue. We believe we have found a solution,” Lummis said.

Her spokesperson added that Lummis expects an agreement on stablecoin yields “within the next few days” and that negotiations on ethical provisions in the bill are also progressing simultaneously.

Lummis also stated that she believes the DeFi-related provisions are “settled,” but several details remain to be clarified regarding fund transfer rules and the classification of crypto assets as commodities or securities.

Key Legislative Milestones

The legislative path of the Market Structure Bill currently faces dual pressures: the need to merge two versions from Senate committees and the timing pressure of the midterm elections.

• July 2025: The bill passes the House of Representatives
• January 2026: Senate Banking Committee Chair Tim Scott indefinitely delays review; Agriculture Committee advances its version in the same month
• 2026 to present: The White House and representatives from the crypto and banking sectors have held three coordination meetings; the Banking Committee has yet to reschedule review sessions this week
• Expected April: Lummis and colleagues plan to push forward after the Easter recess; Senate Majority Leader John Thune also expects the Banking Committee to not pass the bill before April

The two versions still need to be merged to resolve jurisdiction disputes over commodities and securities before submitting to the full Senate for a vote.

Midterm Election Countdown: No Passage Before May, Dreams May Fade

Lummis warned that the 2026 midterm elections in November are the biggest external time pressure—electing all 435 House seats and 33 Senate seats. The Democratic Party could regain control of Congress, and if the Republicans lose their majority, the current legislative momentum will face a fundamental reversal.

Ohio Senator Bernie Moreno was more direct: “If we can’t pass the CLARITY Bill before May, then in the foreseeable future, digital asset legislation will not be able to pass.”

Notably, Lummis announced last December that she would not seek re-election, giving this legislative push a personal farewell significance. She wrote on X, “This may be our only chance to complete market structure reform.”

Frequently Asked Questions

Q: What is the core issue currently blocking the passage of the Market Structure Bill?
A: According to Lummis, the main obstacle is the disagreement between the banking industry and crypto firms over stablecoin yields. Additionally, issues such as tokenized stocks, ethical provisions for elected officials’ crypto assets, and the classification of crypto assets as commodities or securities remain unresolved.

Q: Why is May considered the legislative deadline for the Market Structure Bill?
A: The November midterm elections could change the control of Congress. If the Republicans lose their majority, the current political support for the bill will disappear. Moreno explicitly stated that if the bill is not passed before May, digital asset legislation will be difficult to advance in the foreseeable future.

Q: What is Lummis’s latest stance on DeFi provisions?
A: Lummis said that the DeFi provisions “are settled,” meaning the related disputes have reached a consensus. However, she pointed out that details regarding fund transfer rules and the classification of crypto assets as commodities or securities still need clarification.