- Senator Lummis pushes for a bipartisan crypto framework to regulate stablecoins and market structure.
- Over 40,000 people tuned in to the first subcommittee hearing on crypto regulation.
- She proposes a U.S. strategic Bitcoin reserve to reduce national debt over 20 years.
Senator Cynthia Lummis is aggressively pursuing stablecoin regulation and adoption. Speaking at the first subcommittee hearing on crypto legislation, which drew over 40,000 viewers, Lummis underscored the urgency of establishing a bipartisan regulatory framework for stablecoins and market structure. She emphasized that early regulation is crucial as digital assets continue to grow.
With the crypto industry gradually gaining mainstream acceptance, the veteran senator stressed the importance of bipartisan collaboration to pass meaningful legislation. “If we are going to pass any crypto laws, we must have bipartisan support,” she stated. Cynthia Lummis has been a long-time advocate for digital asset regulation, arguing that the U.S. risks falling behind if it fails to act decisively.
Her efforts align with the party’s current moves. Newly appointed Crypto Czar David Sacks stressed stablecoin rules to keep the dollar strong and boost demand for U.S. Treasuries. He also announced a specialized SEC task force to improve crypto regulation and enforcement. The move fits with the U.S. GENIUS Act, which seeks to set clear crypto guidelines and encourage innovation.
Cynthia Lummis Initiated Early Talks On Bitcoin
Coming back to Lummis, the Republican senator, known for her pro-crypto stance, was among the first to pioneer a U.S. strategic Bitcoin reserve. Under her proposal, the United States would acquire 200,000 BTC annually for five years and hold it for at least two decades. The long-term goal? To cut the U.S. national debt in half over the next 20 years. This approach, if enacted, was deemed as a transformative shift in national economic policy, making Bitcoin a central asset in government reserves.
The idea of a Bitcoin reserve has already sparked debate among policymakers and investors. Supporters argue that Bitcoin could act as a hedge against inflation and a long-term economic stabilizer, while critics question the volatility and regulatory hurdles surrounding its adoption at a national level.
As the U.S. inches toward regulatory clarity, all eyes are on Cynthia Lummis and whether her vision for a stablecoin backed financial strategy will gain traction.