Crypto Market Structure Bill Close to Passing: Senator Lummis

“We’ve come so far, and we are close to a bipartisan legislation that will stand the test of time,” said Wyoming Senator Cynthia Lummis on Wednesday.

She pointed out that the industry has come a long way over the past five years, highlighting the FTX collapse, the Federal Reserve hating crypto, market volatility, and the veto of SAB121 – guidance on accounting for digital assets safeguarded by entities.

Senator Tim Scott reportedly said Tuesday that the crypto market structure proposal is expected to advance to Senate deliberations imminently. January 15 is the date that the US Senate has slated for markup of the Act, and the process involves aligning drafts in the Senate Banking and Agriculture committees and pushing the final bill to a vote.

Finally, Some Clarity For Crypto

Scott explicitly said he’s “optimistic” the bill will pass the committee and the Senate and be signed by President Trump.

The draft will serve several purposes, including establishing a digital commodities framework under the Commodity Futures Trading Commission (CFTC) and treating crypto assets like Bitcoin and Ether as commodities by default.

It also narrows the scope of the Securities and Exchange Commission (SEC) to regulating actual securities. The legislation also introduces developer protections for non-custodial infrastructure and improves retail market oversight and global regulatory alignment.

However, analysts warn that the final passage could take much longer. TD Cowen suggested this week that the legislation might not pass until 2027, with implementation potentially delayed until 2029 due to political obstacles.

The Democrats are likely to have little incentive to fast-track the bill, especially with potential House control changes after the 2026 midterm elections. White House crypto czar David Sacks said in December that “we are closer than ever” to passing the bill.

What The Prediction Platforms Say

Blockchain betting platform Kalshi put the odds of the legislation becoming law at 20% before April, 47% by May, and 74% by the end of the year.

“I’m cautiously optimistic,” said Bitwise CIO Matt Hougan, who added, “Without legislation, the current pro-crypto regulatory tilt at the SEC, CFTC, and other agencies could reverse under a new administration.”

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