Speaking at the Wyoming Blockchain Symposium in Jackson Hole-a location that sounds like it was chosen specifically for its resemblance to a fantasy novel setting-Senator Lummis confidently declared that Republicans are hell-bent on pushing through a comprehensive crypto framework. This, of course, assumes they can untangle the never-ending turf war between the SEC and the CFTC, which has left crypto businesses stuck in what feels like regulatory quicksand for over a decade. Spoiler alert: quicksand is not fun.
“We will have market structure to the president’s desk before the end of the year,” Lummis boldly proclaimed, presumably while imagining herself as some kind of legislative superhero. She even added an ambitious deadline: Thanksgiving. Because nothing says “festive” like arguing about securities laws over pumpkin pie. 🦃
Lummis at Wyoming Blockchain Symposium in Jackson Hole, source: X
Building on the House’s “CLARITY Act” (Because Why Start From Scratch?)
This push builds on the House of Representatives’ approval of the Digital Asset Market Clarity (CLARITY) Act in July-a rare bipartisan miracle where 78 Democrats crossed the aisle faster than you can say “blockchain.” Rather than reinvent the wheel-or, let’s face it, admit defeat-Lummis said the Senate will use the CLARITY Act as its foundation for their own draft, creatively named the Responsible Financial Innovation Act. Groundbreaking stuff, right?
“We want to honor as much of the House’s work as we can on CLARITY because they had a robust bipartisan vote,” she said. Translation: “Let’s take what already worked and tweak it just enough to make the Senate feel important.” The logic is simple: start with something that already has bipartisan support and adjust just enough to satisfy Senate egos. Ah, democracy in action. 🎭
Senate Math: Do Republicans Have the Votes? (Spoiler: It’s Complicated)
Senate Banking Chair Tim Scott of South Carolina, also speaking in Wyoming, suggested momentum is building-between 12 and 18 Democrats might be open to supporting the bill once it clears committee. If true, crypto could become one of those rare issues that bridges America’s polarized politics. Imagine that: politicians agreeing on something! Truly, we live in strange times. 🌈
The real question is whether this coalition can hold once the SEC vs. CFTC fight is spelled out in black and white. Because if history has taught us anything, it’s that bureaucracy loves a good grudge match. 🥊
The Bigger Republican Crypto Push (Or, How Many Acronyms Can We Fit in One Summer?)
The CLARITY Act wasn’t the only digital asset legislation making moves this summer. July was apparently “crypto week” in the House, which also passed:
- The GENIUS Act-regulating payment stablecoins. Already through the Senate, it was signed into law by Trump almost immediately. Who knew stablecoins were such a priority? 🤔
- The Anti-CBDC Surveillance State Act-a symbolic Republican shot across the bow at the idea of a U.S. central bank digital currency. Democrats, unsurprisingly, hated it: only two out of 212 voted yes. Truly, bipartisanship at its finest. 🙄
Given the lack of support, Lummis admitted that CBDC legislation will likely get punted to 2026, with market structure taking priority for now. Because why solve all your problems at once when you can drag them out over years? 😴
Why This Actually Matters (Yes, Really)
If Lummis is right-and let’s be honest, that’s a big “if”-this would be a watershed moment. For years, the U.S. has lagged behind Europe (MiCA) and Asia (Singapore, Hong Kong) in crafting clear rules of the road. That regulatory vacuum has pushed talent and capital offshore, with U.S. crypto firms either lawyering up or setting up shop abroad. It’s almost as if uncertainty isn’t great for business. Who knew? 🤷♂️
A real market structure bill would finally give clarity on what counts as a security, what counts as a commodity, and who regulates what. It won’t end the political fights-nothing in Washington ever really does-but it could give the industry the stability it needs to build without fear of an SEC ambush. And if the timeline holds, 2025 could be the year of messy committee horse-trading, and 2026 the year crypto finally gets the American stamp of legitimacy. Or, you know, another round of delays. After all, deadlines are more like suggestions in government. 📅
Read More
- Minecraft lets you get the Lava Chicken song in-game — but it’s absurdly rare
- Gold Rate Forecast
- PS5’s ChinaJoy Booth Needs to Be Seen to Be Believed
- Lewis Capaldi Details “Mental Episode” That Led to Him “Convulsing”
- Wrestler Marcus “Buff” Bagwell Undergoes Leg Amputation
- Cyberpunk 2077’s Patch 2.3 is Here and It’s Another Excellent Overhaul
- Yungblud Vows to Perform Ozzy Osbourne Song “Every Night”
- Elden Ring Nightreign’s Patch 1.02 update next week is adding a feature we’ve all been waiting for since launch — and another I’ve been begging for, too
- Microsoft is on track to become the second $4 trillion company by market cap, following NVIDIA — and mass layoffs
- Rob Schneider’s Happy Gilmore 2 Role Is Much Different Than We Thought It’d Be
2025-08-21 01:31