Update (March 18 at 6:52 pm UTC): This story was updated to include a response from Senator Cynthia Lummis beginning in the eighth paragraph.
Wyoming Senator Cynthia Lummis, a leading sponsor of U.S. digital asset market structure legislation, told attendees at the DC Blockchain Summit that the bill is closer to passage despite unexpected developments in 2025. She said she had anticipated the industry would already be taking a “victory lap” after the House approved its version in July 2025, but negotiations have stretched on primarily because of a dispute over stablecoin yield and rewards between banking and crypto industry stakeholders.
“We are so close this time,” Lummis said. She added that some negotiators who had been deeply entrenched on the yield-versus-rewards issue have been coordinating with the White House and members of Congress to craft a compromise. “We think we’ve got it,” she told the audience.
Lummis is a member of the Senate Banking Committee, where progress stalled after Chair Tim Scott indefinitely postponed a January markup. The Senate Agriculture Committee moved its own version of the bill in January, but the two committee texts must be reconciled to settle open questions about which assets are securities or commodities and how to treat commodities-related authority.
Senators reportedly planned an April markup after the Easter recess, though as of Wednesday the Banking Committee had not formally rescheduled its session. Key issues under debate include tokenized equities, ethics rules for elected officials who could profit from crypto investments, stablecoin yield, and the regulatory treatment of decentralized finance (DeFi).
Lummis said the White House has met three times with banking and crypto industry representatives in 2026 to push negotiations forward. “We think we’ve got the DeFi issue put to bed,” she said, while noting outstanding questions about money transmitter rules and how to clarify whether particular crypto assets should be treated as securities or commodities. A Lummis spokesperson told reporters the senator expected a stablecoin yield agreement “in the next few days” and was actively working on language addressing ethics concerns.
Lummis provided additional comment on those points in the update quoted above, emphasizing the progress on yield, DeFi, and ethics drafting as negotiators close in on compromise language.
A looming political factor is the 2026 midterm elections, which could change control of one or both chambers when the next Congress convenes in January 2027. All 435 House seats and 33 Senate seats are on the ballot, giving either party an opportunity to flip control. Lummis has suggested this may be the best — or only — chance to enact market structure legislation while the White House supports the effort; she announced in December she will not seek reelection.
Ohio Senator Bernie Moreno warned industry stakeholders that “If we don’t get the CLARITY Act passed by May, digital asset legislation will not pass for the foreseeable future.” Senate Banking Chair Tim Scott said he expected a proposal on stablecoin yield by the end of that week. Senate Majority Leader John Thune, however, indicated he did not expect the Banking Committee to move the market-structure bill before April, citing other priorities on the Senate calendar, including a contentious voting requirements bill.