U.S. Senator Cynthia Lummis Urges Swift Action on Crypto Regulation Amid Global Competition

Senator Cynthia Lummis has intensified calls for Congress to pass comprehensive cryptocurrency legislation before year-end, warning that the U.S. risks falling behind jurisdictions like Singapore and the European Union. The push comes as bipartisan momentum builds following the Senate's 68-30 passage of the GENIUS Act, which establishes a framework for stablecoin oversight.

Lummis and Senator Tim Scott have introduced new legislation to clarify whether digital assets qualify as securities or commodities—a persistent regulatory gray area. The proposal WOULD assign clear jurisdictional boundaries between the CFTC and SEC, potentially resolving longstanding conflicts that have hampered industry growth.

The legislative activity signals Washington's growing recognition of cryptocurrency's economic significance. Market participants have long argued that regulatory uncertainty stifles innovation and drives blockchain development overseas. With the GENIUS Act now clearing a key hurdle, industry observers suggest 2024 could mark a turning point for U.S. crypto policy.