U.S. Senators are pressing lawmakers to advance legislation aimed at clarifying Bitcoin and broader crypto market structure.
Sen. Cynthia Lummis emphasized urgency in remarks today at the D.C. Blockchain Summit today, saying, “This may be our only chance to get market structure done. I can’t be any clearer: The time for clarity is now.”
She confirmed that the Banking Committee plans to mark up the bill in April, after the Easter recess.
“We really are going to get it out of the Banking Committee in April,” she added.
Lummis also addressed a potential compromise on stablecoin yield, hinted at by Sen. Tim Scott yesterday. “We think we’ve got it,” she said, though she acknowledged she has not seen the negotiated language herself.
She noted banks remain cautious: “We’ve got to get the banks to swallow hard…. Gosh the banks got really dug in on this. But they’re gonna get there.”
Sen. Kevin Cramer echoed the call for speed yesterday, warning that “time is not our friend” and urging passage of market structure legislation before Easter.
The White House’s Patrick Witt is expected to provide further updates on the bill’s progress later today.
The bill is gaining momentum
Efforts to establish the regulatory framework for the U.S. cryptocurrency market are gaining momentum. Senate Banking Committee Chairman Tim Scott said a revised draft, focused on stablecoins, could be introduced this week.
The bill aims to balance innovation with financial stability, particularly regarding yield-bearing stablecoins, which have become a central discussion point.
Key lawmakers, including Angela Alsobrooks, Thom Tillis, and White House official Patrick Witt, have contributed to refining provisions on digital assets. Broader negotiations address political oversight, compliance standards, and balanced representation within regulatory bodies.
DeFi and anti-money laundering (AML) regulations are also under review. Mark Warner is advocating for stronger AML safeguards, with proposals for enhanced know-your-customer (KYC) requirements to improve transparency and prevent illicit activity.
If finalized, the bill could create a comprehensive regulatory structure for the crypto market. Observers see the stablecoin-focused draft as a major step forward, providing clarity for digital assets while maintaining bipartisan support
In the past, Treasury Secretary Scott Bessent has pressed lawmakers to act on the legislation, saying the United States must secure clear market structure rules before the end of the spring legislative window.
Source: https://bitcoinmagazine.com/news/us-senators-urge-swift-action-bitcoin-bill
