Cynthia Lummis Eyes Thanksgiving Target for U.S. Crypto Market Structure Bill

Sen. Cynthia Lummis (R-WY) is looking to have crypto market structure legislation ready for passage before the year’s end, the Republican lawmaker said on Wednesday.

Sen. Cynthia Lummis Pushes for Thanksgiving Deadline

Speaking at the SALT Wyoming Blockchain Symposium 2025 on August 20, Lummis claimed that Congress “will have market structure [legislation] done this year.”

“We will have market structure to the president’s desk before the end of the year,” Lummis said. “I hope it’s before Thanksgiving. That’s our goal.”

Lummis stated that she hoped the key crypto legislation would advance through the Senate Banking Committee next month before heading to the Senate Agriculture Committee in October.

Will Democrats Stand in the Way of Key Crypto Bill’s Passage?

News of Lummis’ timeline comes just one month after she, Sen. Bill Hagerty (R-TN), Sen. Bernie Moreno (R-OH), and Senate Banking Committee Chair Tim Scott unveiled a discussion draft of digital asset market structure legislation.

“This discussion draft represents a thoughtful, balanced approach that will provide the clarity our innovators need while providing robust consumer protections,” Lummis said in a July statement. “We cannot allow regulatory confusion to continue driving American innovation overseas.”

“Market structure legislation will establish clear distinctions between digital asset securities and commodities, modernize our regulatory framework, and position the United States as the global leader in digital asset innovation,” she added.

Speaking at SALT on Tuesday, Scott predicted that 12 out of 18 Democrats would be in favor of the crypto market structure bill.

“I believe that we’ll have at least 12 and 18 Democrats at least open to voting for market structure,” Scott said.

However, key players within the Democratic Party opposed to the legislation may present challenges to the bill’s advancement.

“The forces against it, let me just say clearly, like Senator Elizabeth Warren, standing in the way of Democrats wanting to participate, it is a real force to overcome,” Scott said.