Sen. Cynthia Lummis vows to pass a crypto market structure bill by year-end, as Fed Governor Waller highlights stablecoin risks.
Senator Cynthia Lummis has assured that Congress will finalize a crypto market structure measure that has been eagerly anticipated before the end of the year. Federal Reserve officials emphasized the importance of artificial intelligence and stablecoins at the Wyoming Blockchain Summit. Their comments indicated the increasing integration of digital assets into U.S. financial policy.
Lummis Establishes the Year-End for the Landmark Crypto Market Structure Bill
Lummis delivered the statement during a conversation with policymakers and industry leaders at the Wyoming Blockchain Summit. She confirmed that the Banking Committee will begin marking the measure upon the Senate’s reconvening on September 3, to report it out by the end of the month.
The senator further stated that the Agriculture Committee, responsible for the Commodity Futures Trading Commission, is anticipated to relocate its portion in October. She believes that the combined effort should ensure that a final bill is on the President’s desk before the end of the year, and preferably before Thanksgiving.
She emphasized that the crypto market structure bill is intended to balance accountability and innovation. This would also provide the rapidly expanding digital asset industry with the regulatory certainty it has long sought, while also providing consumer protections. Lummis, one of Washington’s most vocal crypto advocates, informed attendees that legislators are dedicated to “completing the market structure this year.”
Michelle Bowman, the vice-chair of the Federal Reserve, informed the audience that the United States was experiencing a “seismic shift” in the perception of money and value. The Conference’s optimism was reflected in her remarks, as the speakers primarily discussed establishing connections between blockchain and mainstream finance and treasury schemes.
According to Waller, AI and stablecoins are the cornerstones of the United States’ financial future
Although the Summit’s primary objective was not to address the crypto market structure bill, it nevertheless attracted numerous influential figures. SEC chair Paul Atkins, Federal Reserve governor Christopher Waller, and Senator Tim Scott comprise this group. The latter was a co-sponsor of the Genius Act stablecoin law signed earlier this year.
The event, which was supported by Kraken and Anthony Scaramucci’s Salt platform, emphasized crypto integration into the core of the U.S. financial debate. Christopher Waller, the Federal Reserve Governor, identified payments innovation as one of the factors that incited financial change.
It is part of the rationale for introducing the crypto market structure bill. He explained that the economy’s money flow is being redefined by a technology-driven revolution encompassing stablecoins, digital wallets, and AI.
Waller also asserted that stablecoins are no longer merely trading currencies. Instead, they have evolved into a global force that has the potential to elevate the international status of the dollar. He observed that they offer advantages, such as rapid transfers, that can improve the settlement of both cross-border and retail payments.
