Senator Lummis Urges 2025 Crypto Regulation Push

Senator Cynthia Lummis (R-WY) has called for urgent bipartisan action on stablecoin and crypto market regulations, emphasizing the critical opportunity presented by the GENIUS Act for legislative progress. Lummis highlighted the rare momentum in the Senate and the supportive stance of the White House, framing 2025 as a pivotal year for crypto regulation.

During an appearance on CNBC’s Squawk Box, Lummis urged lawmakers to advance both the GENIUS Act and broader crypto market structure legislation. She expressed hope that the House of Representatives and the Senate could collaborate to enact comprehensive crypto legislation. Lummis emphasized the need for both the market structure bill and the GENIUS Act to pass this year, although she did not advocate for combining them.

The GENIUS Act, which stands for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, was passed by the Senate with a 68-30 vote earlier this month. This landmark legislation is now under review by the House of Representatives before it can receive a final vote. Lummis expressed confidence that the GENIUS Act, which she worked hard to pass through the Senate, is a high-quality product worthy of the president’s signature.

Lummis’ comments come at a time when there is significant regulatory momentum on Capitol Hill, with a more crypto-friendly White House in place. Pro-crypto politicians are pushing for clear regulations as the United States Securities and Exchange Commission (SEC) shifts away from its enforcement-based approach to the blockchain sector.

On May 5, several Republican lawmakers introduced a discussion draft aimed at developing a comprehensive regulatory framework for crypto in the United States. However, the timeline for advancing key crypto legislation before the end of the year remains uncertain.