Senator Lummis Advocates for Crypto Legislation to Secure U.S. Market Leadership

Senator Lummis Calls for Crypto Market Legislation

Wyoming's Senator Cynthia Lummis, known for her strong support of cryptocurrency, has urged Congress to pass legislation that will clearly define market structures for digital assets. This initiative seeks to curb the exodus of digital asset companies from the United States.

Key Takeaways

• Regulatory Clarity: Lummis emphasizes the need for clear jurisdiction to retain digital asset companies in the U.S.
• Bipartisan Effort: The proposed bill aims to delineate regulatory oversight between the SEC and CFTC.

According to a statement from her official X account, Lummis remarked, "For far too long, unclear rules have pushed digital asset companies offshore. Our market structure legislation changes that by establishing clear jurisdiction, strong protections, and ensuring America leads the way." The bipartisan bill is designed to clarify the regulatory roles of the SEC and CFTC by defining digital assets as either securities or commodities.

As Lummis prepares to retire from the Senate in 2027, she dedicates her remaining term to advocating for a robust crypto market structure in the U.S. Her efforts include initiatives like the Bitcoin ACT, which proposes allowing the U.S. government to acquire up to one million Bitcoin, and legislation to exempt crypto transactions under $300 from capital gains taxes.