Update (March 18 at 6:52 pm UTC): This article has been updated to include a response from Cynthia Lummis beginning in the eighth paragraph.
Wyoming Senator Cynthia Lummis, a leading proponent of a U.S. digital asset market structure bill, said the legislation is closer to passage despite unexpected developments in 2025. Speaking at the DC Blockchain Summit hosted by the Digital Chamber, Lummis said she had expected the crypto industry to already be celebrating a “victory lap” after the House passed its version in July 2025. She identified the main delay as a fight over stablecoin yield and rewards between banking and crypto industry representatives.
“We are so close this time,” Lummis told attendees. “Some of the people that have been very dug in on the issue of yield versus rewards have been working closely with the White House […] working with our members who have been trying to come up with a compromise on that issue. We think we’ve got it.”
Lummis sits on the Senate Banking Committee, where the bill stalled after Chair Tim Scott indefinitely postponed a January markup. The Senate Agriculture Committee advanced its version in January, but the two committee bills must be reconciled to address commodities and securities questions before a full Senate vote.
The senator said colleagues planned an April markup after the Easter recess, though the banking committee had not yet rescheduled a markup as of Wednesday.
Among the debated topics are tokenized equities, ethics rules for elected officials who might profit from crypto investments, stablecoin yield, and decentralized finance. The White House has met three times with crypto and banking industry representatives in 2026 to help move the bill forward.
“We think we’ve got the DeFi issue put to bed,” Lummis said, while noting remaining questions about money transmitters and how to clarify whether crypto assets are securities or commodities. A Lummis spokesperson said the senator expected a stablecoin yield deal “in the next few days” and was working on ethics language.
Can Congress pass market structure before 2027?
A looming issue is the 2026 midterm elections, which could change control of one or both chambers when the new Congress convenes in January 2027. All 435 House seats and 33 Senate seats are contested, giving Democrats an opportunity to flip control. Lummis tweeted that this may be the only chance to get market structure done, citing White House support.
Lummis announced in December that she will not seek reelection. Ohio Senator Bernie Moreno warned the industry 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 before the end of that week. Senate Majority Leader John Thune said he did not expect the banking committee to pass the market structure bill before April, indicating other priorities, including a controversial voting requirements bill.
