Senator Cynthia Lummis said Tuesday that Congress is close to passing bipartisan legislation on the structure of the cryptocurrency market after five years of obstacles, including FTXopposition from the Federal Reserve and market volatility.
The Wyoming Republican’s statement comes as the Senate Banking Committee plans a Jan. 15 markup amid unresolved disputes over stablecoin awards.
President of the Senate in charge of banking affairs Tim Scott can move forward even without full bipartisan agreement, according to American Banker.
What happened
Senators met on Tuesday to discuss whether crypto platforms can offer rewards on stablecoins.
The American Bankers Association warned Monday that allowing a stable currency yield could siphon billions of dollars from community bank deposits.
Last year, the Blockchain Association rallied 125 crypto companies, urging Congress to keep the GENIUS Act’s yield provision intact.
Democrats are imposing ethical standards preventing officials from profiting from crypto, given Trump’s estimated $620 million projects.
Industry sources estimate the chance of success before the November 2026 midterm exams is 50 to 60%.
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Why it matters
The legislation would end SEC and CFTC jurisdictional uncertainty that has driven companies overseas.
Lummis, who retired in January 2027, listed the 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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