Senator Cynthia Lummis has emphasized the importance of digital assets, describing them as the "future" and highlighting the GENIUS Act's role in maintaining America's status as a "global financial leader." She made these remarks in a post on X dated March 13.
"Digital assets are the future," said Lummis. "The GENIUS Act is innovative legislation that secures America's place as a global financial leader. The race is on, and having comprehensive digital asset framework is how we win."
According to Congress.gov, Senator Bill Hagerty, along with Lummis, Kirsten Gillibrand, and House Banking Committee Chair Tim Scott, introduced the GENIUS Act to regulate payment stablecoins. This legislation builds upon the Lummis-Gillibrand Payment Stablecoin Act proposed in April 2024. The GENIUS Act classifies permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and limits issuance within the U.S. to approved entities, including subsidiaries of insured depository institutions, federally qualified nonbank issuers, and state-qualified issuers.
Sen. Lummis' post
| X
Lummis has also reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the Senate. Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn, and Bernie Moreno are cosponsors of this act. Representative Nick Begich introduced similar legislation in the House. According to a press release by Lummis, the BITCOIN Act seeks to establish a strategic Bitcoin reserve to bolster the U.S. balance sheet and ensure transparent management of federal Bitcoin holdings. It proposes secure Bitcoin vaults managed by the Treasury and a 1-million-unit Bitcoin purchase program while affirming private Bitcoin holders' self-custody rights.
Lummis has been appointed by Senate Banking Committee Chair Tim Scott as chair of the newly formed Senate Banking Subcommittee on Digital Assets for the 119th Congress. The subcommittee aims to advance bipartisan digital asset legislation promoting innovation and consumer protection while addressing market structure issues, stablecoins, and establishing a strategic bitcoin reserve. It will also oversee federal financial regulators to ensure legal compliance and prevent initiatives like Operation Chokepoint 2.0.
Lummis was sworn into the U.S. Senate on January 3, 2021, becoming Wyoming's first female senator. 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 focused on fiscal issues and Western policies.
