Senator Lummis made these statements at the Wyoming Blockchain Summit, in a dialogue with industry leaders and lawmakers. She confirmed that when the Senate reconvenes on September 3, the Banking Committee will begin reviewing the bill, aiming to present it by the end of September.
The senator added that the Agriculture Committee, which oversees the Commodity Futures Trading Commission, is expected to present its proposal in October. According to her, the joint effort should bring the final bill to the president's desk before the end of the year, ideally before Thanksgiving.
She emphasized that the bill on the structure of the cryptocurrency market is designed to balance innovation with accountability. Additionally, it would provide consumer protection while giving the rapidly growing digital asset industry the regulatory certainty it has long demanded. Lummis, one of the leading advocates for cryptocurrencies in Washington, told attendees that legislators are committed to 'achieving the market structure this year.'
Federal Reserve Vice Chair Michelle Bowman told attendees that the United States is witnessing a radical shift in the understanding of money and value. Her words reflect the optimism of the Conference, where speakers focused primarily on how to establish connections between blockchain and conventional financial and treasury systems.
The event underscored how cryptocurrencies have become the center of the U.S. financial debate. Federal Reserve Governor Christopher Waller mentioned innovation in payments as part of the motivations for the financial shift.
This is one of the reasons for presenting the bill on the structure of the cryptocurrency market. She described the technological revolution, which includes stablecoins, digital wallets, and AI, as a redefinition of the flow of money throughout the economy.
Waller also stated that stablecoins are no longer mere exchange currencies. They have become a global force with the potential to strengthen the international position of the dollar. He noted that they offer advantages, such as the speed of transfers, which can enhance retail and cross-border payment settlements.
