Sen. Cynthia Lummis Says Both Crypto Market Structure Bill & GENIUS Act Must Pass This Year

Senator Cynthia Lummis (R-WY) encouraged her fellow U.S. lawmakers to advance both the GENIUS Act and broader crypto market structure overall in a Wednesday appearance on CNBC’s Squawk Box.

Speaking with Squawk Box co-anchor Joe Kernen on June 25, Lummis expressed her hopes that both the House of Representatives and the Senate could come together to enact sweeping crypto legislation.

We needed to pass market legislation yesterday. The time is NOW! pic.twitter.com/4s6v8KeL3i

“I hope now that they’re comparing the stablecoin legislation that their financial services committee passed to the GENIUS Act, we can work together to figure out a path forward for both market structure and the GENIUS Act,” Lummis said.

“I’m not saying combine them, but they both need to pass this year,” she continued.

The GENIUS Act, short for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, passed through the Senate in a 68-30 vote earlier this month.

The landmark stablecoin legislation will now be reviewed by the House of Representatives before it receives a final vote.

“I know there is enthusiasm in the White House for having Congress send them a win in the area of stablecoins, and I’m very confident that the GENIUS Act that we worked so hard to get passed the Senate is a high-quality product that is worthy of the president’s signature,” Lummis told CNBC.

Lummis’ comments come amid a wave of digital asset regulatory momentum on Capitol Hill as a crypto-friendlier White House takes the reins.

Pro-crypto politicians have rushed to establish clear crypto regulations as the United States Securities and Exchange Commission pulls back on its regulation-by-enforcement approach to the blockchain sector as a whole.

On May 5, several Republican lawmakers unveiled a discussion draft that would develop a broad regulatory framework for crypto stateside.

However, whether key crypto legislation will be advanced before the end of the year remains to be seen.

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