Senator Cynthia Lummis has expressed that the United States should position itself as a leader in digital assets.
"America must lead 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 reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the Senate with Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn, and Bernie Moreno as cosponsors. Representative Nick Begich introduced similar legislation in the House. The BITCOIN Act aims to create a strategic Bitcoin reserve to strengthen the U.S. balance sheet and ensure transparent management of federal Bitcoin holdings. The act proposes establishing secure Bitcoin vaults managed by the Treasury Department 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 the first chair of the Senate Banking Subcommittee on Digital Assets. This subcommittee will focus on advancing bipartisan digital asset legislation to promote innovation and protect consumers by 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 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 working on fiscal issues and Western policies.
