Cynthia Lummis Advocates for Cryptocurrency Legislation
Cynthia Lummis, a U.S. Senator known for her pro-cryptocurrency stance, is actively working towards finalizing a cryptocurrency market structure legislation by year’s end. At the recent Wyoming Blockchain Seminar, she expressed her commitment to getting this bill approved before Thanksgiving.
“Our aim is to have the market structure bill reach the President by the end of the year,”
Lummis stated emphatically.
Recent Developments in Cryptocurrency Legislation
Last month, Lummis, along with colleagues Bill Hagerty, Bernie Moreno, and Senate Banking Committee Chair Tim Scott, introduced an expanded draft of a cryptocurrency bill and committed to advancing the discussion by September 30. This comes in the wake of the House’s own passage of a market structure bill, the Digital Asset Market Clarity Act, which presents substantive differences from the Senate’s proposed framework.
Challenges Ahead
During her address at the seminar, Lummis described the Senate’s legislative environment as “very messy,” indicating the complexities involved in the process. She mentioned,
“We intend to use the House’s ‘CLARITY Act’ as a foundational piece for our legislation. We’ll aim to incorporate the amendments concerning stablecoins that the House has proposed and honor their contributions to the ‘CLARITY Act.’ Our goal is to acknowledge the work that the House has done as much as we can.”
