Key Takeaways
- Senator Lummis is urging Congress to pass legislation for the crypto market to establish clear jurisdiction.
- Vague rules are currently pushing digital asset companies out of the US, according to Lummis’ statement.
Senator Cynthia Lummis, a Wyoming lawmaker and prominent crypto advocate, called on Congress today to pass market structure legislation for digital assets.
“For far too long, unclear rules have pushed digital asset companies offshore,” Lummis said via her official X account. “Our market structure legislation changes that by establishing clear jurisdiction, strong protections, and ensuring America leads the way.”
The bipartisan bill aims to clarify regulatory oversight between the SEC and CFTC by distinguishing between securities and commodities in digital assets.
Lummis will retire from the Senate at the end of her term in 2027, devoting her final legislative efforts to the crypto market structure. Lummis has been a key advocate for Bitcoin and aims to establish the US as a global center for crypto innovation.
Key initiatives include the Bitcoin ACT, which would allow the US government to acquire up to one million Bitcoin, and legislation to exempt crypto transactions under $300 from capital gains taxes.