Senator Cynthia Lummis has emphasized the importance of the United States taking a leadership role in digital assets. She expressed gratitude towards Senators John Thune, Tim Scott, and Bill Hagerty for their support and urged the passage of the GENIUS Act.
"Thank you to Leader John Thune, Senator Tim Scott, and Senator Hagerty for recognizing America needs to lead in digital assets," said Sen. Cynthia Lummis. "Now let's get GENIUS across the finish line."
According to a report by NMB News, on May 19, 2025, the Senate approved a procedural vote on the GENIUS Act with a 66-32 bipartisan vote. This cryptocurrency regulation bill aims to establish rules for stablecoin issuers. The approval came after overcoming a Democratic blockade, with sixteen Democrats joining most Republicans in support. Two Republicans opposed the bill, which advanced following an agreement on an amendment addressing Democratic concerns.
Sen. Lummis' post
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The U.S. Senate Committee on Banking, Housing, and Urban Affairs reports that the GENIUS Act introduces a federal framework to regulate payment stablecoins—digital tokens tied to the U.S. dollar. Sponsored by Senators Hagerty, Scott, Gillibrand, Lummis, and Alsobrooks, it mandates 100% reserve backing along with monthly disclosures and annual audits for large issuers. The act prohibits misleading marketing suggesting U.S. government backing or Federal Deposit Insurance Corporation (FDIC) insurance and establishes standards for reserve diversification and risk management. It also outlines federal oversight for large state-regulated issuers and prioritizes stablecoin holder claims during issuer insolvency proceedings.
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. According to Senate.gov, 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.
