On Wednesday, at the Bitcoin Policy Summit in Washington, D.C, Senator Cynthia Lummis of Wyoming said Congress will pass two crypto bills before the end of this calendar year.
The bills aim to set clear rules for stablecoins and fix gaps in the digital asset market structure. Lummis chairs the Senate subcommittee on digital assets and spoke after hearings in both chambers.
Stablecoin Framework Nears Final Vote
The GENIUS Act would create a federal rulebook for U.S. dollar-pegged stablecoins. It sets standards for how issuers must back their tokens with reserves and also adds consumer protections.
The Senate approved the GENIUS Act last week, and now it awaits a vote in the House. Key Senate Republicans want it signed into law by July 4. Lummis praised the bill’s outline for keeping the dual banking system intact, protecting customers, and guarding the nation’s financial future.
Market Structure Bill Advances in the House
In the House, the Digital Asset Market Clarity Act, known as the CLARITY Act, has moved through committee. It would clarify which digital assets count as securities. This change aims to ease uncertainty for investors and businesses.
Also Read: Senator Lummis Calls Fed’s Crypto Policy Reversal “Not Real Progress”, What’s Happening?
Lummis noted progress on Tuesday after her subcommittee hearing, stating that lawmakers must work together so that no side feels shut out. She warned she would be “extremely disappointed” if both bills did not clear Congress by 2026.
Bipartisan Hurdles and Political Concerns
Getting broad support for crypto laws remains tough as some lawmakers worry that family ties to the administration could skew rules in favour of insiders. Lummis urged senators and representatives to share ideas early. She wants a fair process that welcomes all views.
On June 17, 68 senators voted for the GENIUS Act, which included 18 Democrats who joined Republicans in support. Yet other Democrats have held back as they say the legislation must address President Trump’s crypto ventures first.
Debate Over Presidential Crypto Interests
Critics point out that President Trump has issued memecoins and holds a stake in a family-backed crypto firm called World Liberty Financial. He has also collected donations from prominent leaders in the digital asset industry.
Some lawmakers say these ties could sway rule-making. Trump said on June 18 that he would sign the GENIUS Act quickly if the House made no changes. He asked for no “add-ons” that could stall the bill.
Tight Deadlines and Next Steps
Lummis set a clear goal, Congress must pass both bills by year-end. She stressed she would be unhappy if they slipped into 2026.
The President’s Council of Advisers on Digital Assets executive director, Bo Hines, stated in May that the GENIUS Act might pass Congress before the August recess. Strong pressure from both sides to negotiate stablecoin regulations is reflected in that accelerated schedule.
Outlook for Crypto Regulation
If these bills become law, the United States will join a select group of nations with a robust legal framework for stablecoins and digital assets.
Companies and investors have long called for clearer rules. The coming months will show if Congress can deliver on Lummis’s promise.
Also Read: JPMorgan Pilots JPMD Deposit Token On Coinbase’s Base Network Amid GENIUS Act Passing