U.S. Crypto Market Structure Bill Near Finalization Ahead of 2025 Deadline

A Senate version of the U.S. crypto market structure bill is on track to be finalized and submitted to President Donald Trump before the end of 2025. Senator Cynthia Lummis, a Republican and leading advocate for digital assets, confirmed the timeline during remarks at the Wyoming Blockchain Symposium, stating the Senate Banking Committee expects to pass the bill by the end of September. The bill will then move to the Senate Agriculture Committee in October for review, with a focus on regulatory roles for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) [1].

Lummis emphasized that the Senate’s version, known as the Responsible Financial Innovation Act, will build upon the House-passed CLARITY Act, which received bipartisan support including 78 Democratic votes in July 2025. She noted that the Senate plans to retain much of the House bill’s structure to preserve its broad appeal and avoid unnecessary disruptions [2].

Senate Banking Committee Chair Tim Scott indicated that at least 12 Democrats—and potentially as many as 18—are open to supporting the final bill, suggesting strong cross-party momentum. This aligns with broader progress in crypto legislation, including the passage and signing of the GENIUS Act, which established a regulatory framework for stablecoins [3]. Meanwhile, the Anti-CBDC Surveillance State Act, which aimed to restrict central bank digital currency development, passed with limited Democratic support [4].

Lummis and other Senate Republicans have prioritized the market structure bill over potential CBDC-related legislation, which they said could be delayed until 2026. This approach reflects a strategy to address immediate regulatory needs while leaving future debates for later [5].

The Trump administration has shown consistent support for the crypto industry, exemplified by the appointment of Paul Atkins as SEC Chair. Atkins recently stated that a majority of crypto tokens are no longer classified as securities, marking a shift in regulatory stance compared to the previous administration [6]. This has been welcomed by the industry, which has seen substantial growth, with the total value of the global cryptocurrency market reaching approximately $4 trillion [7].

The Wyoming Blockchain Symposium, held days before the Federal Reserve’s Jackson Hole symposium, has become a key event for crypto stakeholders. Notable attendees included Federal Reserve Governors Michelle Bowman and Christopher Waller, as well as SEC Chair Paul Atkins and Eric Trump. Their presence highlights the increasing engagement of regulators and policymakers with the crypto space [8].

The event also marked the culmination of what some have called the “Summer of Stablecoins,” a period characterized by surging stablecoin adoption and regulatory activity. Traditional financial institutions, such as Franklin Templeton, are increasingly engaging with blockchain technology, signaling broader industry acceptance [9].

With the Senate close to finalizing the market structure bill and the administration’s regulatory framework in place, the U.S. is moving toward a more comprehensive and supportive environment for crypto innovation. These developments could attract further global capital and position the country as a leading hub for the next generation of financial technology [10].

Source:

[1] The Crypto Times, https://www.cryptotimes.io/2025/08/21/crypto-market-structure-bill-to-hit-trumps-desk-before-year-end/

[2] POLITICO Pro, https://subscriber.politicopro.com/article/2025/08/tim-scott-sees-at-least-12-democrats-open-to-crypto-market-structure-bill-00514501

[3] CoinDesk, https://www.coindesk.com/policy/2025/08/19/senate-banking-chair-tim-scott-12-18-dems-may-vote-for-market-structure-bill

[4] Coindoo, https://coindoo.com/congress-moves-closer-to-historic-crypto-law-as-trump-signals-support/

[5] Coindoo, https://coindoo.com/trump-era-sec-chief-declares-majority-of-crypto-tokens-off-the-hook/

[6] 富途牛牛, https://news.futunn.com/en/post/60850128/ahead-of-the-central-bank-s-significant-annual-conference-the

[10] CoinDesk, https://www.coindesk.com/business/2025/08/18/how-social-media-built-a-global-hub-for-bitcoin-treasuries