Senator Cynthia Lummis' market structure bill advances toward a critical markup next month, potentially ending a decade of regulatory uncertainty for the digital asset industry. The Wyoming Republican announced Dec. 19 she will not seek reelection but remains committed to advancing the legislation alongside recent Federal Reserve and SEC frameworks that could reshape crypto banking access and token classification.
What Happened: Legislative Advancement
Lummis confirmed on social media Sunday that her bipartisan digital asset market structure bill will proceed to markup in January 2026.
"Our digital asset market structure bill provides the clarity innovators in the industry need while protecting consumers," she wrote.
The senator also highlighted Governor Waller's skinny master account framework, which she said ends Operation Chokepoint 2.0. David Sacks, the Trump administration's AI and crypto czar, wrote that congressional leaders are "closer than ever to passing the landmark crypto market structure legislation that President Trump has called for."
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Why It Matters: Regulatory Clarity
Industry observers say the bill could provide unprecedented regulatory certainty after years of enforcement-based oversight. Merlijn the Trader noted that "after a decade of uncertainty, the framework is finally forming."
SEC Chair Paul Atkins introduced "Project Crypto" in November 2025, establishing a four-part token taxonomy that separates digital commodities, collectibles, tools and tokenized securities.
Most tokens not tied to ongoing investment contracts now fall outside SEC oversight.
The FDIC approved full insurance for a national crypto bank on Dec. 16, while the Federal Reserve's master account framework is expected to expand banking access for compliant crypto institutions.
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