Senator Cynthia Lummis has called on Congress to pass the crypto market structure bill now, emphasizing its importance in driving innovation in the US.
Speaking at an interview on CNBC’s Squawk Box on Wednesday, the pro-Bitcoin senator issued a clarion yet urgent call for the approval of the crypto market bill. She noted that such legislation should have been approved before now, considering that the United States typically leads in innovation, and urged a change of course, probably before the end of the year.
Meanwhile, her comments follow the passage of the GENIUS Act by the US Senate. The stablecoin bill moved closer to becoming law in the U.S. after receiving bipartisan backing, passing with a 68-30 vote on June 17.
The US Needs the Crypto Market Bill
Senator Lummis and her pro-crypto allies are not backing down, despite the recent success of the GENIUS Act. She discussed the new crypto regulatory bill, introduced by her and Senator Tim Scott, aimed at providing a clear framework for the emerging digital asset industry.
The duo, with endorsements from Republican senators Thom Tillis and Bill Hagerty, introduced the bill on Tuesday, looking to build on the bipartisan momentum in the Senate to provide further clarity for cryptocurrencies in the US. The legislation aims to clarify which assets fall into the securities or commodity bracket and who should regulate which.
Meanwhile, Lummis noted that digital assets themselves will be commodities, and the Commodities Futures Trading Commission (CFTC) will regulate them. However, she stressed that most cryptocurrencies are “bundled and sold” by securities; hence, the involvement of the US Securities and Exchange Commission (SEC).
Nonetheless, the Senate subcommittee on digital assets, chaired by Lummis, will focus on the regulatory provisions of the US SEC in the bill, as the Senate Agriculture Committee oversees commodities regulation. Lummis noted that both committees would eventually converge to produce well-rounded legislation on crypto market regulation.
Lummis Sets Ambitious Target for Bill Passage
Furthermore, the pro-Bitcoin Republican senator noted that the Senate’s aim is to pass the bill before the end of the year. Lummis stressed that the United States is already behind in regulating digital assets, as Singapore and Europe have established regulations for the sector.
She stated that the crypto industry wants to grow in the United States but needs clear regulation to do so. Under the former “regulation by enforcement” approach by the US SEC, crypto firms entered into several legal battles with the agency, incurring millions of dollars in legal fees, and Lummis noted that this approach hampered the industry’s growth.
“They (the crypto industry) are asking for regulation; we need to provide it to them,” Lummis told CNBC.
Meanwhile, this crypto market regulation bill is different from the one already making waves in the US House. The CLARITY Act has advanced through both the House Committees on Financial Services and Agriculture, garnering bipartisan support.
The bill will pass soon alongside the GENIUS Act. Moreover, President Trump has urged the House to pass the stablecoin bill swiftly, noting that it will position the United States as an undisputed leader in the cryptocurrency space.
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