As the upper chamber of the US Congress prepares its version of a market structure framework, Republican Senator Cynthia Lummis recently told CNBC that she hopes the Senate and House of Representatives can soon find a path to pass both crypto bills moving through Congress.
The Republican senator explained that without a framework, companies have been regulated by the Securities and Exchange Commission (SEC), which led to the previous administration’s “regulation by enforcement” approach. This has cost crypto firms millions of dollars in lawyer fees, and didn’t offer any certainty about the future.
Lummis also detailed that they are “just putting out a framework of principles” that can be followed, while they work out the details on the legislation. Notably, the Senate Banking Committee released the market structure principles, detailing the focus of the discussion draft on the bill on Tuesday.
The document, signed by Senators Lummis, Thom Tillis, Bill Hagerty, and the Committee’s chairman, Tim Scott, outlines six core principles for the upcoming crypto bill. The list stated that legislation should clearly define the legal status of digital assets, providing predictability, enhanced legal precision, and regulatory certainty.
The principles also suggest that regulation should be modernized to foster innovation while protecting investors and traders, adding that federal financial regulators should welcome responsible innovation.
Senator Lummis also discussed the future of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which passed a full floor vote 68-30 last week and was received by the House of Representatives on Monday.
She shared her hope that both chambers of Congress can work together to “figure out a path forward” for the Digital Asset Market Clarity (CLARITY) Act and the GENIUS Act, adding, “I’m not saying combine them, but they both need to pass this year.”
However, the Senate’s bipartisan efforts to get the bill to US President Donald Trump’s desk could have hit a wall in the lower chamber, as House members are reportedly pushing to package the crypto bills together.
“I expect the GENIUS Act has a path in the House, so long as it’s accompanied by the CLARITY Act,” Emmer stated.
However, Scalise gave “some weight to Hill’s plan to do both stablecoin and market structure at once, saying it’s what the crypto industry wants.”
