Senator Cynthia Lummis has said that digital assets represent the "future," and advancing related legislation positions the United States to lead in this domain.
"Digital assets are the future and now we're one step closer to ensuring America leads the way," said Sen. Cynthia Lummis.
According to a report by NMB News, on May 19, 2025, the Senate approved a procedural vote on the GENIUS Act, a cryptocurrency regulation bill establishing rules for stablecoin issuers. The vote passed with a 66-32 bipartisan majority after overcoming an earlier Democratic blockade. Sixteen Democrats joined most Republicans in support of the bill, while two Republicans opposed it. The bill advanced following an agreement on an amendment addressing Democratic concerns.
Sen. Lummis' post
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Senator Bill Hagerty (R-TN), along with Lummis (R-WY), Kirsten Gillibrand (D-NY), and House Banking Committee Chair Tim Scott (R-SC), introduced the GENIUS Act to regulate payment stablecoins. This act builds upon the Lummis-Gillibrand Payment Stablecoin Act proposed in April 2024. The GENIUS Act designates permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and restricts payment stablecoin issuance in the U.S. to approved issuers. These include subsidiaries of insured depository institutions, federally qualified nonbank issuers, and state-qualified issuers.
Lummis has been appointed by Scott as the first chair of the Senate Banking Subcommittee on Digital Assets. According to a press release by Lummis, this subcommittee in the 119th Congress will focus on advancing bipartisan digital asset legislation to promote innovation and protect consumers. It will address areas such as market structure, stablecoins, and a strategic bitcoin reserve while overseeing 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 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 worked on fiscal issues and Western policies.
