Senator Cynthia Lummis, a leading voice in U.S. digital asset policy, has set a realistic target of year-end 2025 for passing major crypto legislation, despite President Donald Trump’s public push for an August signing deadline. Speaking at a Bitcoin Policy Institute event in Washington, D.C., Lummis acknowledged the growing partisan divide but expressed cautious optimism.
Stablecoin Bill Passes, But More Work Ahead
The Senate recently passed a major stablecoin bill, marking progress toward a comprehensive framework for U.S. digital assets. However, key efforts remain, including:
- Market structure legislation to define oversight roles
- Rules governing custody, issuance, and secondary trading
- Clarification of jurisdictional boundaries between the SEC and CFTC
Lummis, who chairs the Senate Banking Committee’s digital assets subcommittee, warned that finalizing legislation will require deep bipartisan cooperation, calling the recent process a “tooth-pulling exercise.”
Political Challenges and Trump’s Crypto Ties
Lummis acknowledged that crypto regulation, once a bipartisan effort, has become politically charged. Democrats have voiced concern about potential conflicts of interest tied to the Trump administration, including family or affiliates participating in crypto ventures.
“Maybe this is about concern that certain people… are going to be advantaged,” she said, emphasizing her goal of crafting fair, inclusive legislation.
While some Democrats briefly withdrew support over security provisions and Trump-related concerns, they ultimately backed the GENIUS Act, which passed with 68 votes, including 18 Democrats.
House Progress and Strategy Unclear
In the U.S. House, the Digital Asset Market Clarity Act has cleared committee stages. Lawmakers now face decisions on:
- Combining market structure and stablecoin bills, or
- Passing the Senate’s GENIUS Act independently, fast-tracking it to the President’s desk
The Senate remains the bigger hurdle, with any House-passed measures needing broad bipartisan support to survive the upper chamber.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.