The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
Dec 9, 2025, 11:46 p.m.
A Republican U.S. senator who has been at the center of talks over the crypto market structure bill that’s the industry’s top policy priority, Senator Cynthia Lummis, said that the White House has resisted ethics language she hashed out with Democrats.
That’s left the Wyoming lawmaker as a go-between trying to satisfy Democratic colleagues in the bipartisan talks while convincing the White House to come along, she said Tuesday at the Blockchain Association’s policy summit in Washington. Still, she thinks the negotiators should reveal their working draft by the end of the week and formally mark it up next week.
Lummis said that she and Democratic Senator Ruben Gallego had come up with some language on ethics. While she wasn’t explicit about details, one of the sticking points for Democrats has been their demand that top government officials shouldn’t be allowed to profit from the industry over which they hold policy authority — pointedly aimed mostly at President Donald Trump and his family’s crypto businesses.
She said the Democrats are also trying to get assurances that members of their party will be nominated as commissioners at the Commodity Futures Trading Commission and the Securities and Exchange Commission, which the White House has so far declined to do, despite the laws’ intent for bipartisan commissions.
“The White House kicked it back and said, ‘You can do better than this,’ so it was unacceptable to the White House,” she said. Lummis said she’s gathering with colleagues again “to take another run at it.”
Lummis is the chair of the digital assets subcommittee that’s part of the Senate Banking Committee — one of two panels that needs to sign off on a bill, also including the Agriculture Committee.
“It’s just time to reveal a product,” she said, though she acknowledged that the legislative language is changing rapidly. “We are at prime time now. We’re in the last two weeks.”
The industry is getting antsy after weeks of closed-door talks that haven’t involved outside input, she suggested.
“This product is going to be so strong when we finish,” said Senator Kirsten Gillibrand, the Democrat who has acted as Lummis’ crypto partner for years. “Because even the House didn’t tackle all of the issues we’re tackling with this draft. They didn’t even address decentralized finance exchanges,” she said, referring to the Clarity Act the House approved earlier this year.
More For You
Protocol Research: GoPlus Security
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
SEC Approves U.S.’ Second Crypto Index ETP with Bitwise’s BITW
The Bitwise 10 Crypto Index Fund now trades on NYSE Arca, joining the ranks of gold and oil funds in regulated exchange products.
What to know:
- The Bitwise 10 Crypto Index Fund (BITW) has received SEC approval to trade as an exchange-traded product on NYSE Arca.
- BITW offers diversified exposure to the 10 largest cryptocurrencies, including Bitcoin and Ether, and is rebalanced monthly.
- This approval marks a significant milestone for crypto indices, potentially attracting more institutional investment.
