Senator Cynthia Lummis said Tuesday that Congress is nearing passage of bipartisan cryptocurrency market structure legislation after five years of obstacles including FTX, Federal Reserve opposition and market volatility.
The Wyoming Republican's statement comes as the Senate Banking Committee schedules a January 15 markup amid unresolved disputes over stablecoin rewards.
Senate Banking Chair Tim Scott may push forward even without full bipartisan agreement, according to American Banker.
What Happened
Senators met Tuesday to discuss whether crypto platforms can offer rewards on stablecoins.
The American Bankers Association warned Monday that allowing stablecoin yield could siphon trillions from community bank deposits.
The Blockchain Association rallied 125 crypto firms last year urging Congress to keep the GENIUS Act's yield provision intact.
Democrats are pushing ethics standards preventing officials from profiting from crypto given Trump's estimated $620 million in ventures.
Industry sources estimate 50-60% odds of passage before November 2026 midterms.
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Why It Matters
The legislation would end SEC and CFTC jurisdictional uncertainty that has pushed companies offshore.
Lummis, retiring January 2027, listed obstacles overcome: unhosted wallets, FTX, Fed hostility, volatility and SAB121 veto.
The bill would establish custody standards and compliance frameworks enabling institutional participation.
The banking fight threatens to reopen the GENIUS Act before regulators complete July 2026 rulemaking.
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