The US Senate is considering a comprehensive crypto market structure bill, spurred by the recent passage of the GENIUS Act and growing calls for regulatory clarity. Senator Cynthia Lummis is a passionate supporter of the bill. She asserts that the US is falling behind other countries in incorporating digital assets into their regulatory frameworks. With bipartisan support and endorsements from key figures like President Trump, the bill aims to establish a clear framework for the burgeoning digital asset industry.
GENIUS Act Paves the Way
The bipartisan passage of the GENIUS Act in the US Senate represents one of the most fundamental and far-reaching steps taken towards cryptocurrency regulation. Senator Cynthia Lummis championed this change and emphasized the significance of this accomplishment, especially as it sets the stage for additional legislative progress. The GENIUS Act did receive widespread bipartisan support. This support further demonstrates the increasingly bipartisan consensus on the need to address the rapidly evolving landscape of digital assets.
President Trump has just weighed in as well, expressing support for both the GENIUS Act and recently introduced stablecoin bill. He expressed hope that the House would pass Rep. McHenry’s stablecoin bill. He intends this legislation to place the United States in a leadership position in the space for the United States as does the GENIUS Act. These developments are a continuation of the growing momentum in favor of crypto regulation at the federal level.
The Crypto Market Structure Bill
Senator Cynthia Lummis joined forces with Senator Tim Scott to introduce a truly historic crypto market structure bill. This legislation would provide the digital asset industry with a predictable and consistent regulatory framework. This bill is a promising step to address significant gaps for legislative solutions to digital assets. It will set the criteria for which assets are considered commodities and thus regulated by the CFTC. Senator Lummis has stressed that the US is currently behind countries like Singapore and Europe in regulating digital assets.
"They (the crypto industry) are asking for regulation; we need to provide it to them." - Senator Cynthia Lummis
The Senate is still hoping to pass their comprehensive crypto market structure bill before the end of this year. Senator Lummis focused on the crypto industry’s willingness to develop in the US. She stressed that they require tangible regulatory guidance to reach this expansion potential.
Additional Legislative Efforts
Along with the crypto market structure bipartisan bill similar legislative efforts have been introduced in the House and Senate. Fortunately, the CLARITY Act has received bipartisan support. Further, it has passed out of both the House Committees on Financial Services and Agriculture with no opposition. A bipartisan stablecoin bill advanced further toward becoming law with 68-30 passage on June 17th.
These efforts complement nicely the GENIUS Act. To this end, they advocate for a thoughtful, broad-based market structure bill and seek to foster a positive regulatory environment for digital assets in the United States. Senator Cynthia Lummis has called on Congress to pass the crypto market structure bill to drive innovation within the US.
