Senator Cynthia Lummis (R-WY) urged her fellow lawmakers to push forward both the GENIUS Act and a comprehensive crypto market framework during an appearance on CNBC’s Squawk Box this past Wednesday.
Cynthia Lummis Advocates for a Path Forward in Crypto Regulation
In her discussion with Squawk Box co-host Joe Kernen on June 25, Lummis shared her optimism that the House and Senate could unite to create extensive crypto legislation.
“I’m hopeful that as they evaluate the stablecoin legislation passed by their financial services committee alongside the GENIUS Act, we can collaborate to find a way forward for both initiatives,” Lummis stated.
“I’m not suggesting that we merge them, but it’s essential for both to be approved this year,” she added.
The GENIUS Act, which stands for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, was approved by the Senate with a 68-30 vote earlier this month.
This significant stablecoin legislation will now undergo review by the House of Representatives before a final vote takes place.
“I’m aware of the excitement in the White House about Congress delivering a victory in the area of stablecoins, and I’m very confident that the GENIUS Act, which we worked diligently to pass in the Senate, is of high quality and deserving of the president’s signature,” Lummis told CNBC.
Growing Crypto Momentum in Washington
Lummis’ remarks occur during a surge of regulatory activity regarding digital assets on Capitol Hill as the Biden administration takes a more crypto-friendly stance.
Pro-crypto lawmakers are eager to establish clear regulations as the U.S. Securities and Exchange Commission scales back its enforcement-heavy approach towards the blockchain industry.
On May 5, various Republican legislators introduced a draft intended to create a comprehensive regulatory framework for crypto in the U.S.
However, it remains uncertain whether significant crypto legislation will be pushed through by the end of the year.
The article titled “Sen. Cynthia Lummis Says Both Crypto Market Structure Bill & GENIUS Act Must Pass This Year” first appeared on Cryptonews.
