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Recent Stances On Crypto
Senator Cynthia Lummis
@SenLummis
Live on @MorningsMaria at 7:20am to give a digital asset market structure update.
Tune in! https://t.co/jEePNYKZP4
In the first two months after Trump took office, the Securities & Exchange Commission and other financial regulatory agencies dismissed more than 100 crypto- and finance-related enforcement cases – allowing finance and crypto companies to defraud American investors and consumers and violate U.S. securities laws while avoiding over $3 billion in government penalties.
The Trump Administration has also abandoned critical consumer protection policies related to the use of artificial intelligence by banks and other financial institutions.
As lead Democrat on the Subcommittee on Digital Assets and Artificial Intelligence, I demanded accountability from @SecScottBessent on behalf of American investors and consumers.
From human trafficking to crypto investigations, these tools help law enforcement stay ahead of criminals. I’m pushing for stronger support in the upcoming FY27 appropriations process and look forward to visiting MOCIC in Springfield to see this work firsthand!
Sincere thanks to the representatives from the crypto and banking industries who participated in today’s meeting on stablecoin rewards and yield. The discussion was constructive, fact-based, and, most importantly, solutions-oriented.
Over the course of the past few months, we have achieved breakthroughs on several seemingly intractable policy issues. I am confident we will be able to resolve this one too.
BLOCKED: My amendment to stop the creation of Central Bank Digital Currencies (CBDCs) that will be used for financial surveillance and control of your wallet.
ATTENTION MAGA: Big banks are scared of competition and coming after YOUR rewards.
Instead of offering better rewards, they’re lobbying Washington to BAN stablecoin rewards.
Americans deserve options, not a monopoly protected by politicians!
Cryptocurrency is a notoriously risky asset that is vulnerable to financial crashes.
But Senate Republicans voted down my amendment that would have prevented American taxpayers from being on the hook to pay for a crypto bailout.
Chinese people don't even like Chinese money. Instead, China is working with Democrats and Europeans to build a Central Bank Digital Currency backed by digital ID - communist money. Sadly, Republicans have proven incapable of banning it.
President Trump's full Digital Asset become law.
1. Ban CBDC
2. Protect self-custody.
3. Stablecoins
4. Market structure
Gold backed stablecoins, where one token equals one ounce of gold and represents audited and verified physical custody of one ounce of gold, is truly sound money. Structured properly, with self custody, it can move money at the speed of light and otherwise be like cash.
Americans have lost more than $333 million to crypto ATM scams. I introduced an amendment to a crypto bill that would give law enforcement the tools to go after these scams and their perpetrators, but Senate Republicans voted it down.
Kevin Warsh is another outstanding pick by @POTUS.
I hope to sit down with him soon to discuss the importance of maintaining America’s status as the crypto capital of the world and look forward to his swift confirmation in the Senate.
Last year, this regime eased crypto-crime enforcement.
And now, a recent investigation reveals that a top DOJ official held over $150,000 in cryptocurrency when he made the decision.
This regime may let corruption and conflict of interest fly, but I don't.
There were already bipartisan negotiations to pass a cryptocurrency bill that would have provided more meaningful guardrails on the industry, but Republicans threw it out.
Why? So President Trump and his crypto allies can profit off their own personal cryptocurrencies.
Under Chairman @JohnBoozman’s leadership, the Senate Ag Committee advanced crypto market structure legislation. This is a big move for consumer protection and innovation.
Great to see digital asset market structure pass @SenateAgGOP. We are one step closer to getting this legislation to @POTUS’ desk, and I look forward to continuing to work closely with my colleagues across the aisle to make America the digital asset capital of the world.
The "Digital Asset Market Clarity Act of 2025," or "CLARITY Act of 2025," establishes a regulatory framework for digital commodities, granting the CFTC exclusive jurisdiction over spot market transactions and related entities like exchanges, brokers, and dealers. It aims to differentiate digital commodities from securities, introduce a "mature blockchain system" concept for regulatory exemptions, and protect individual self-custody rights.
The "Blockchain Regulatory Certainty Act" (H.R. 3533) provides a safe harbor for non-controlling blockchain developers and service providers, exempting them from being classified as money transmitters or financial institutions, and thus from associated licensing and registration requirements, unless they have control over users' digital assets. This aims to prevent such entities from incurring liability for unlicensed or unregistered conduct.
The GENIUS Act of 2025 proposes a regulatory framework for payment stablecoins. It defines permitted issuers (insured depository institutions, their subsidiaries, and approved nonbank entities) and mandates 1:1 reserve backing with specific high-quality assets. The bill outlines federal and state regulatory oversight options, sets requirements for customer asset segregation, and grants stablecoin holders priority in insolvency proceedings. It also clarifies that regulated payment stablecoins are not considered securities or commodities under various acts. The bill designates issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML, KYC, and sanctions regulations to prevent illicit finance and safeguard national security. It also reinforces U.S. leadership in digital finance by supporting innovation and ensuring the dollar remains competitive in a rapidly evolving global financial landscape.
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".
For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121".
This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.
To amend the Federal Reserve Act to prohibit the Federal Reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.