Senator Cynthia Lummis said that the GENIUS Act positions the United States to take the "lead" in digital assets.
"GENIUS establishes America as the leader in digital assets," said Sen. Cynthia Lummis.
According to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, 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, the bill mandates 100% reserve backing, monthly disclosures, and annual audits for large issuers. It prohibits misleading marketing suggesting U.S. government backing or Federal Deposit Insurance Corporation (FDIC) insurance. The act establishes standards for reserve diversification and risk management and prohibits unstable assets like corporate debt. It also outlines federal oversight for large state-regulated issuers and prioritizes stablecoin holder claims during issuer insolvency proceedings.
Sen. Lummis' post
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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 after overcoming a previous Democratic blockade; sixteen Democrats joined most Republicans in support while two Republicans opposed it. The bill advanced following an agreement on an amendment addressing Democratic concerns.
Lummis has been appointed by Senator Scott as the first chair of the Senate Banking Subcommittee on Digital Assets. The 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.
