Senator Cynthia Lummis announced on May 14 that the Senate Banking Committee passed her bill, the Digital Asset Market Structure Clarity Act of 2025, by a vote of 15 to 9.
The passage marks a significant step in efforts to regulate digital assets in the United States. The legislation aims to provide clarity for digital asset innovation and reinforce American leadership in digital finance.
“After nearly a year of around-the-clock negotiations, I am incredibly proud of the product we have passed out of Committee today,” said Lummis. “This is a historic step forward for digital asset innovation, and I am grateful to Chairman Scott for his tireless efforts to move this legislation through Committee and my colleagues on both sides of the aisle who chose to put American leadership ahead of politics. Today’s passage out of Committee sends an unmistakable signal that the United States is not ceding the future of digital finance to anyone. I want to thank the industry, stakeholders, and every colleague who spent countless hours working to ensure we produced a bill worthy of this moment, and I believe we accomplished that goal. The United States has long been a beacon of innovation, and with final passage on the Senate floor, we are going to make sure it stays that way. Let’s finish what we started and cement America’s digital asset space for generations to come.”
In previous years, Lummis worked with Senator Kirsten Gillibrand on introducing bipartisan legislation known as the Responsible Financial Innovation Act. This bill proposed dividing oversight jurisdiction between regulatory agencies such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). In July 2025, Lummis led several senators in releasing a discussion draft for updated legislation focused on responsible financial innovation.
Lummis has extensive experience in public service at both state and federal levels. She grew up on a cattle ranch in Laramie County and operated family ranches with her siblings; she also earned degrees in animal science, biology, and law from the University of Wyoming; championed responsible federal budgeting; supported multiple-use public lands; promoted Wyoming’s energy resources; dedicated years serving in various state roles including treasurer; served in both chambers of Wyoming’s legislature as well as representing Wyoming in Congress—all according to the official website.
Observers expect further debate when this bill moves next toward consideration by the full Senate.
