Final Push for US Crypto Bill! Lummis: Staff Are Exhausted, Vote Must Be Held Next Week

The long marathon of U.S. Congressional crypto legislation has entered its final sprint. Core advocate, Republican Senator Cynthia Lummis, publicly stated at the Blockchain Association Policy Summit that she hopes the Senate Banking Committee will “vote” next week on the long-delayed Responsible Financial Innovation Act (the market structure bill). She admitted that bipartisan staffers are “exhausted” from repeated revisions of the draft, and the current process is “unsustainable.” The bill aims to clarify the regulatory division between the SEC and CFTC over cryptocurrencies and is seen as the industry’s top policy priority. However, disagreements with the White House over “ethics clauses” and the pressures of an approaching election year mean the fate of the bill remains on a knife’s edge.

A Multi-Year Legislative Tug-of-War

For the U.S. crypto industry, a clear and comprehensive federal regulatory framework has long hung overhead like a “Sword of Damocles,” yet never materialized. The core legislative battle now centers on the Responsible Financial Innovation Act under review in the Senate Banking Committee. The bill is seen as a response and complement to the Digital Asset Market Structure Clarity Act passed by the House in July, aiming to create a regulatory system covering the full chain of digital asset issuance, trading, and custody.

The core challenge is how to delineate the jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Simply put, it means clarifying “which tokens are securities regulated by the SEC, and which are commodities regulated by the CFTC.” The Senate version introduces the innovative concept of “ancillary assets,” seeking a non-security path for tokens with functional utility but possible investment attributes. However, this highly technical issue, involving a multi-trillion-dollar market, has faced numerous obstacles in Congress—government shutdowns, partisan wrangling, industry lobbying—causing repeated delays.

Senator Lummis’s urgent remarks at the summit reflect the white-hot stage of this prolonged struggle. She revealed that the bipartisan draft has been rewritten multiple times in recent weeks, causing not only industry anxiety over the pace of progress but also overwhelming the Congressional staff directly involved in drafting. “Our staffers are exhausted,” Lummis said bluntly, “(this constant revision) is no longer sustainable.” She and her Democratic partner, Senator Kirsten Gillibrand, aim to produce a new draft by the end of this week, distribute it to the industry and legislators, and put it to a committee vote next week.

Lummis’s “Ultimatum” and Industry Anxiety

“It’s time to deliver a finished product.” This statement by Lummis at the summit has been widely interpreted as an “ultimatum” for the legislative process. The timetable she set is exceptionally tight: release the draft this week, and hold a “vote” next week. In Congressional procedure, a “vote” is a critical step, where committee members review, amend, and vote on the bill’s provisions line by line; only after passing can it be submitted for full Senate consideration.

Behind this tough stance is a convergence of multiple pressures. First is the growing anxiety within the industry. Months of closed-door negotiations have excluded industry representatives, allowing uncertainty to fester. Lummis admitted that the industry is growing “restless” over the slow pace. Second, disappointment is mounting among Congressional colleagues. Republican Senator Bernie Moreno, at the same event, complained that the process is “quite frustrating,” even stating he would prefer no bill at all over one that leaves massive regulatory loopholes.

The greatest pressure, however, comes from an unforgiving time window. Several senators have warned that if negotiations drag into February 2026, with the presidential election cycle in full swing, legislative work will basically grind to a halt, and the bill could be shelved for an entire year. The previous 43-day government shutdown already consumed a great deal of precious time, making the few weeks before the year-end holiday recess a critical “last two weeks” determining the bill’s survival.

Key Milestones in the U.S. Crypto Market Structure Bill Legislative Process

• May 2025: House formally introduces the Digital Asset Market Structure Clarity Act.
• July 2025: House passes the bill; Senate releases its version’s discussion draft.
• September–November 2025: Record-setting 43-day government shutdown severely hampers legislative progress.
• November 13, 2025: Government shutdown ends, legislative negotiations resume.
• December 10, 2025 (recent): Lummis announces the goal: release new draft by this weekend, committee vote next week.
• Potential vote dates: Banking Committee Chairman Tim Scott has proposed December 17 or 18.
• Final deadline pressure: If major progress isn’t made before February 2026, the bill risks indefinite postponement due to the election year.

Behind-the-Scenes Battle with the White House: Ethics Clause as a New Obstacle

Beyond the bipartisan negotiations in Congress, another more secretive and thorny battle is unfolding with the White House. Lummis revealed she is negotiating with the White House on behalf of her Senate Democratic colleagues over the “ethics clause” in the bill. The core aim of this clause is to prevent senior government officials from profiting from industries over which they have policymaking authority.

Although Lummis did not specify details, this clause is widely seen as targeting President Trump and family members’ extensive involvement in cryptocurrency businesses. Democrats hope to establish a “firewall” with this measure. However, the White House is not on board. Lummis said the White House sent back the ethics clause draft prepared by her and Democratic Senator Ruben Gallego, saying, “You can do better than this,” and deemed it “unacceptable.”

In addition, Democrats are seeking a commitment for the White House to nominate party members to serve as commissioners on the CFTC and SEC, to ensure these supposedly bipartisan regulatory agencies do not become biased in future enforcement. The White House has yet to make any such promise. These obstacles from the executive branch inject new uncertainty into the final sprint for the bill. Lummis is playing the role of “middleman,” needing to satisfy Democratic colleagues while persuading the White House, making the negotiations particularly challenging.

Significance and Challenge: A “Stronger” but Tougher Bill

Despite the rocky road, supporters are confident in the ultimate significance of the bill. Democratic Senator Gillibrand emphasized that the Senate version being drafted will be “very strong,” as it tackles critical challenges even the House bill did not address—such as regulating decentralized finance (DeFi) exchanges. She pointed out that the House’s Clarity Act did not even touch DeFi, while the Senate version is attempting to tackle this “hard nut.”

This is precisely where the greatest challenge lies. DeFi is, by nature, code as law with no centralized operator; how to bring it under traditional financial regulation without stifling innovation and decentralization is a headache for regulators worldwide. If the U.S. Congress can offer a groundbreaking solution in the bill, it will set a global benchmark, but it also demands high legislative wisdom and political consensus.

Ultimately, whether this market structure bill can succeed in the hands of exhausted staffers, amid persistent partisan division, in the face of White House pushback, and with the election clock ticking, will be the most-watched political drama in Washington’s crypto world over the next two weeks. The outcome will not only shape the future regulatory environment for the U.S. crypto industry but also have far-reaching effects on the global digital asset competitive landscape.