Overview

• Sen. Cynthia Lummis said the goal is to deliver a finalized market-structure bill to President Trump by Thanksgiving, with year-end as the outer timeline.
• Senate Banking plans a September markup and the Agriculture Committee is expected to take up its portion in October to align a single Senate package.
• Banking Chair Tim Scott estimated that 12 to 18 Democrats could support the measure, though he cited Sen. Elizabeth Warren’s opposition as a major hurdle.
• With a 53–47 Republican majority, at least seven Democrats are needed to reach the 60-vote threshold for Senate passage.
• The Senate draft builds on the House-passed CLARITY Act by setting SEC–CFTC jurisdiction, creating registration pathways, and adding provisions on ancillary assets, disclosures, and digital-asset services, as political scrutiny intensifies after heavy industry spending in 2024.