Senator Cynthia Lummis will publish a new draft of her cryptocurrency bill this week.
Legislators and industry leaders will review it before the discussion session next week.
The bill aims to establish clear rules for digital assets and define regulatory roles.
Lummis wants to make progress before Congress disrupts for the holidays.
Senator Cynthia Loomis intends to present a new draft of the cryptocurrency market structure bill before the end of this week. She wants representatives from the sector and lawmakers from both parties to review it before next week's markup session. This step follows months of lengthy discussions and numerous revisions.
A race to complete the project before the recess $XRP
Loomis spoke at the 'Blockchain Association Policy Summit' earlier this week. She explained that her team has worked hard on this draft, and that her staff and committee members have been changing the text of the project almost daily. These ongoing amendments have slowed the process and increased pressure from the sector that is awaiting clear rules as soon as possible.
She is now seeking to share a draft that 'makes every effort.' This gives everyone enough time to read it and provide feedback before the markup session. The markup is a stage where lawmakers propose amendments and vote on the wording of the bill. The goal is to finish this step before the congressional recess.
What is the bill trying to address? $ADX
The project aims to clarify how digital assets are regulated in the United States. This includes determining whether a token is considered a security or a commodity. It also outlines how cryptocurrency companies operate and which regulatory body is responsible for them, whether it is the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
The House of Representatives had passed an initial version of a similar bill titled 'Digital Asset Market Clarity Act.' Loomis's draft builds on this work and aims to enhance the structure. Many cryptocurrency companies welcome these efforts, as they believe clear rules will protect users, attract new investors, and help the sector grow sustainably.
Why does this project matter now? $ANKR
Lawmakers want to move quickly. Time is tight before the end of the year, and the cryptocurrency sector is pushing for regulatory clarity. Loomis stated that if things go as planned, the project could become law by 2026. There are still challenges, including bipartisan agreement and passage through a fully staffed Senate.
What’s next in the world of cryptocurrency?
Stakeholders in the sector are watching the new draft. They want to know how the project defines digital assets and what rules it imposes on trading platforms. Lawmakers will review every detail during next week's markup session. Their decisions could shape the position of cryptocurrencies within the U.S. financial system for years to come.
If Loomis successfully advances the project, it could represent one of the most significant steps towards long-term regulation of the cryptocurrency market in the United States.
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