Senator Lummis Demands Congress Rush GENIUS Act—Says US Crypto Dominance Hangs in Balance

Washington's crypto showdown heats up as Senator Cynthia Lummis puts Congress on blast for dragging its feet on the GENIUS Act. 'Move fast or lose the race,' she warns—while Wall Street bankers quietly update their 'blockchain for dummies' PowerPoints.

Why it matters: The bill could cement America's role as the global crypto hub—or hand the reins to offshore regulators moving at DeFi speed.

Behind the urgency: Lummis argues every day of delay lets rival nations chip away at US leadership. Meanwhile, crypto traders shrug and keep stacking sats—because when has Congress ever been early to a financial revolution?

Cynthia Lummis Makes A Case For Crypto

Giving remarks on Capitol Hill on Tuesday, Lummis argued that while the successful Senate vote brought the U.S. “one step closer to being a welcoming home for digital assets,” Congress still needs to pass market structure legislation as a whole in order to make the U.S. the global “crypto capital.”

Today brings us one step closer to becoming a welcoming home for digital asset companies. Now, let’s finish the job & pass market structure legislation to fulfill @POTUS' vision of becoming the crypto capital of the world. pic.twitter.com/tyz6Kbc5qK

“The success of the GENIUS Act hinges on comprehensive market structure legislation that protects consumers, establishes transparency, and creates clearly defined trading regulations,” Lummis said. “Congress must act quickly.”

Lummis further claimed that working on crypto market structure policy has begun “in earnest,” with draft legislation and Senate hearings on the topic to come within the next few weeks.

“This is only the first step,” Lummis said. “Congress must pass comprehensive market structure legislation in the coming months that draws a line between the security and commodity and creates a pathway for digital assets to register with the Commodity Futures Trading Commission (CFTC).”

The GENIUS Act Heads To The House

The GENIUS Act advanced past the Senate in a 68-30 vote on Tuesday despite partisan division over the stablecoin bill’s passage.

Senator Elizabeth Warren (D-MA) urged her fellow U.S. lawmakers to vote no on the legislation, citing concerns related to U.S. President Donald Trump’s cryptocurrency ventures.

The Donald Trump-affiliated crypto platform World Liberty Financial recently announced the launch of its own stablecoin known as USD1, sparking backlash from his political opponents.

“A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all,” Warren said in a May press release.

Despite the pushback, the GENIUS Act will now head to the House of Representatives.