Senator Cynthia Lummis (R-WY) celebrated a major bipartisan breakthrough in digital asset legislation, following a strong Senate vote in favor of a bill she says positions the United States as a global leader in crypto policy.
“This has been a long time coming,” Lummis said during a press briefing. “A lot of negotiations have gone on to get this bill to this point where we had a strong bipartisan vote last night.”
The legislation, which now heads to the House of Representatives, aims to establish a comprehensive framework for digital assets in the United States. According to Lummis, the bill has the support of President Trump and seeks to preserve a dual banking system, while reinforcing the status of the U.S. dollar and Treasuries as dominant global assets.
“This is something we are dedicated to because the digital asset industry is already embedded in our country and worldwide,” she said. “We need a policy that recognizes that reality while maintaining U.S. monetary leadership.”
Lummis specifically highlighted stablecoins as an area long overdue for regulation and inclusion within the American financial system.
“These are embedded assets that we haven’t regulated or welcomed—until the Genius Act,” she stated, referencing the bill’s name. She also extended thanks to Senators Bill Hagerty and John Thune for their contributions in pushing the bill forward, noting that it marks the first piece of legislation to pass out of the Senate Banking Committee in eight years.
Calling it a milestone, Lummis emphasized the bill’s potential to modernize U.S. payment systems by enabling faster and cheaper transactions for individuals and small businesses alike.
“It is our first effort to integrate our country into what will be a faster and cheaper means by which people can engage in business all over the world,” she concluded.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/senator-lummis-backs-landmark-crypto-bill-as-senate-passes-with-bipartisan-support/