Lummis Releases Discussion Draft for Comprehensive Digital Asset Market Structure Legislation

July 22, 2025
Washington, D.C.–  U.S. Senator Cynthia Lummis (R-WY) joined Senate Banking Committee Chairman Tim Scott (R-SC) and U.S. Senators Bernie Moreno (R-OH) and Bill Hagerty (R-TN) in releasing a discussion draft of the Banking Committee provisions of comprehensive digital asset market structure legislation, building onprinciples developed in collaboration with Chairman Scottto establish a clear regulatory framework for the digital asset industry.
“The time for regulatory uncertainty in the digital asset space has come to an end,”said Lummis.“This discussion draft represents a thoughtful, balanced approach that will provide the clarity our innovators need while providing robust consumer protections. We cannot allow regulatory confusion to continue driving American innovation overseas. Market structure legislation will establish clear distinctions between digital asset securities and commodities, modernize our regulatory framework, and position the United States as the global leader in digital asset innovation.”
The discussion draft incorporates key principles designed to:
The discussion draft recognizes the different risk profiles of centralized firms versus decentralized protocols and acknowledges that distributed ledger technology extends beyond financial applications. It also emphasizes that tokenization represents an evolution of financial infrastructure that enhances efficiency and transparency.
Senator Lummis and Chairman Scott are issuing aRequest for Information(RFI) for stakeholders to submit feedback on the draft and on a wide range of questions. To participate in the RFI, please submit your feedback toMarketStructure_RFI@banking.senate.gov.
A copy of the discussion draft can be foundhere.
###