Senator Cynthia Lummis (R-WY) is putting pressure on Congress to pass clear crypto legislation on the heels of the Senate’s approval of the GENIUS Act on June 17.
Cynthia Lummis Makes A Case For Crypto
Giving remarks on Capitol Hill on Tuesday, Lummis argued that while the successful Senate vote brought the U.S. “one step closer to being a welcoming home for digital assets,” Congress still needs to pass market structure legislation as a whole in order to make the U.S. the global “crypto capital.”
“The success of the GENIUS Act hinges on comprehensive market structure legislation that protects consumers, establishes transparency, and creates clearly defined trading regulations,” Lummis said. “Congress must act quickly.”
Lummis further claimed that working on crypto market structure policy has begun “in earnest,” with draft legislation and Senate hearings on the topic to come within the next few weeks.
“This is only the first step,” Lummis said. “Congress must pass comprehensive market structure legislation in the coming months that draws a line between the security and commodity and creates a pathway for digital assets to register with the Commodity Futures Trading Commission (CFTC).”
The GENIUS Act Heads To The House
The GENIUS Act advanced past the Senate in a 68-30 vote on Tuesday despite partisan division over the stablecoin bill’s passage.
Senator Elizabeth Warren (D-MA) urged her fellow U.S. lawmakers to vote no on the legislation, citing concerns related to U.S. President Donald Trump’s cryptocurrency ventures.
The Donald Trump-affiliated crypto platform World Liberty Financial recently announced the launch of its own stablecoin known as USD1, sparking backlash from his political opponents.
“A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all,” Warren said in a May press release.
Despite the pushback, the GENIUS Act will now head to the House of Representatives.
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