Senator Lummis Urges Swift Crypto Legislation After GENIUS Act Senate Approval

Senator Cynthia Lummis (R-WY) has urged Congress to expedite the passage of the GENIUS Act, emphasizing the importance of clear crypto legislation to establish the U.S. as the global leader in digital assets. Following the Senate's approval of the GENIUS Act on June 17, Lummis highlighted that while this vote brought the U.S. closer to becoming a welcoming environment for digital asset companies, comprehensive market structure legislation is still needed to achieve this goal.

Lummis argued that the success of the GENIUS Act depends on legislation that protects consumers, ensures transparency, and sets clear trading regulations. She stressed the urgency for Congress to act swiftly, noting that work on crypto market structure policy has already begun with draft legislation and Senate hearings planned for the coming weeks. Lummis emphasized that this is just the first step and that Congress must pass comprehensive legislation that differentiates between securities and commodities, creating a pathway for digital assets to register with the Commodity Futures Trading Commission (CFTC).

The GENIUS Act advanced through the Senate with a 68-30 vote despite partisan disagreements, particularly over the stablecoin bill. Senator Elizabeth Warren (D-MA) opposed the legislation, citing concerns about President Donald Trump's cryptocurrency ventures and the potential impact on national security, financial stability, and consumer protection. Despite the opposition, the GENIUS Act will now proceed to the House of Representatives for further consideration.

Lummis's call to action underscores the critical need for regulatory clarity in the crypto industry. The passage of the GENIUS Act is seen as a significant step forward, but it is just the beginning. Comprehensive market structure legislation is essential to protect consumers, ensure transparency, and create a clear regulatory framework for digital assets. Lummis's push for swift action reflects the growing importance of the crypto industry and the need for the U.S. to maintain its leadership in this rapidly evolving sector.