Senator Cynthia Lummis emphasized the need for a clear regulatory framework that promotes innovation in digital assets while limiting excessive government control. She made this statement in a March 6 post on X.
"Americans deserve a transparent regulatory framework that fosters innovation in digital assets instead of smothering it with government overreach," said Cynthia Lummis. "We're putting rogue regulators on notice—their days of unchecked power are over."
According to Senate Banking Committee Chair Tim Scott, the Financial Integrity and Regulation Management Act has been introduced to prevent federal banking regulators from considering reputational risk when assessing the safety and soundness of financial institutions. The bill, supported by Banking Committee Republicans, aims to focus regulatory oversight on financial factors rather than subjective reputational concerns.
Sen. Lummis' post
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"Federal banking agencies have brazenly abused their power, strangling legitimate businesses through politically motivated 'reputational risk' designations while hiding behind a façade of independence," Lummis said in a press release. "The FIRM Act strips away their ability to play politics with our financial system and finally holds these unelected bureaucrats accountable. Americans deserve a transparent regulatory framework that fosters innovation in digital assets instead of smothering it with government overreach. We're putting these rogue regulators on notice—their days of unchecked power are over."
Lummis has been appointed by Scott as the first chair of the Senate Banking Subcommittee on Digital Assets. The subcommittee will focus on advancing bipartisan digital asset legislation to promote innovation and protect consumers, addressing areas such as market structure, stablecoins, and a strategic bitcoin reserve. It will also oversee federal financial regulators to ensure compliance with the law and prevent initiatives like Operation Chokepoint 2.0.
Lummis was sworn into the U.S. Senate on January 3, 2021, as the first female Senator from Wyoming. She previously served in the U.S. House of Representatives from 2008 to 2016, where she was a founding member of the House Freedom Caucus and worked on fiscal issues and Western policies.
