- Senator Lummis says the White House is eager to pass crypto legislation, including the GENIUS Act.
- The GENIUS Act, approved by the Senate last week, would establish the U.S.’s first regulatory framework for dollar-pegged stablecoins.
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Senator Cynthia Lummis (R-Wyo.) has expressed optimism that the White House is actively supportive of passing major crypto legislation as soon as July.
What Happened: In a June 25 interview on CNBC’s Squawk Box, Lummis pointed to the GENIUS Act, a stablecoin-focused bill passed by the Senate last week, as evidence of this momentum.
"The White House is ahead of us. They’ve already passed the GENIUS Act," Lummis said, referring to the administration's apparent readiness to push forward with crypto regulation.
She emphasized that stablecoin legislation needs to advance this year and believes there is strong executive branch enthusiasm for seeing Congress deliver a win on the issue.
"There's real excitement at the White House to see Congress send them something they can sign, specially around stablecoins," she said. "The GENIUS Act is a high-quality bill. I believe it's worthy of the president's signature."
Also Read: Fiserv, PayPal Expand Partnership To Advance Stablecoin Payments
Why It Matters: The GENIUS Act lays the groundwork for a federal regulatory framework for U.S. dollar-pegged stablecoins, establishing rules for issuance, reserve backing, and consumer protection. While the Senate has passed the bill in the last week, it still awaits a vote in the House, which may not take immediate action.
Despite the delay, key Senate Republicans have urged swift adoption, hoping the bill will become law by July 4. Lummis praised the bill's structure, saying it: preserves the dual banking system, protects consumers and secures financial future.
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