Sen. Cynthia Lummis, R-Calif., hopes to have crypto market structure legislation ready and passed by the end of the year, the Republican lawmaker said Wednesday.

Sen. Cynthia Loomis urges Thanksgiving deadline

On August 20, Lummis spoke at the 2025 SALT Wyoming Blockchain Symposium, claiming that Congress “will get market structure done this year.”

“We’re going to present the market structure to the president by the end of the year,” Loomis said. “I’m hoping it’s before Thanksgiving. That’s our goal.”

Loomis said she hopes key crypto legislation can pass the Senate Banking Committee next month and then go to the Senate Agriculture Committee in October.

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

“This discussion draft reflects a thoughtful, balanced approach that will provide needed clarity for our innovators while also providing strong consumer protections,” Loomis said in a July statement. “We cannot allow regulatory confusion to continue driving American innovation overseas.”

She added: “Market structure legislation would clearly distinguish between fractional asset securities and commodities, modernize our regulatory framework, and position the United States as a global leader in digital asset innovation.”

Speaking at SALT on Tuesday, Scott predicted that 12 of 18 Democrats would support the Crypto Market Structure Act.

"I believe there are at least 12 to 18 Democrats who would be willing to vote for a market structure," Scott said.

However, key opponents of the bill within the Democratic Party may challenge its progress.

“Let me be clear, opposition forces like Senator Elizabeth Warren that are preventing Democrats from participating are a real force that needs to be overcome,” Scott said.