Lummis warns last viable window for crypto bill before 2030

Senator Cynthia Lummis warned the current legislative session may be the final chance to pass broad digital asset rules before 2030. She targeted the Digital Asset Market Clarity Act, stalled in the Senate. The bill would split oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission, giving crypto firms a single rulebook instead of two.

The window closes before August 2026, Lummis said. After that, midterm elections shift committee seats and party priorities. The bipartisan coalition behind the bill could fracture if either chamber flips. A new Congress starting in 2027 typically needs two years to write and pass major financial legislation, pushing a final vote to 2029 or 2030.

A clean floor vote before the midterms is the single factor that would reduce the risk. Lummis has urged leadership to schedule markup before the summer recess. If that happens, the bill could reach the floor by late 2026. If it does not, the legislative calendar effectively resets.

The same issue that stalled the bill so far also makes the outcome worse: disagreement between the SEC and CFTC over jurisdiction. The SEC wants authority over most tokens. The CFTC argues commodities like Bitcoin and Ether belong under its mandate. Until Congress resolves that split in statute, both agencies claim overlapping powers. That uncertainty has pushed some issuers and exchanges offshore or into narrow state-level licenses.

Lummis framed the deadline as structural rather than political. The Senate calendar has limited space for financial-services bills once the election cycle intensifies. The House version of the bill cleared its committee last year. It never received a floor vote. Combining the two versions into a conference report requires time neither chamber has after September 2026.

The bill's sponsors include both Democrats and Republicans. The bipartisan cover is fragile. A handful of progressive senators raised consumer-protection concerns that could trigger amendments. Any significant change would require returning to the House, restarting the clock.

Lummis did not name specific assets in her warning. The market effect of a no-vote outcome would be broad. Every token whose regulatory status depends on being a commodity rather than a security remains in a legal patchwork. The SEC's enforcement actions against Coinbase, Kraken and Uniswap all turn on that question. A clear law assigning venue to the CFTC would end those suits. No law means the cases run for years.

The Senate has not scheduled a hearing on the bill for April or May. Lummis said she expects to push for a floor vote before the August recess. If that slips past June, the timeline tightens considerably.