Senator Cynthia Lummis has hailed the proposed digital asset market structure legislation as "the most important piece of digital asset legislation in United States history," emphasizing its potential to transform the regulatory landscape for cryptocurrencies. The bill, which includes the Clarity Act, aims to resolve long-standing uncertainties by defining whether digital assets are securities or commodities and clarifying the roles of agencies like the SEC and CFTC.
This comprehensive framework is designed to boost innovation, attract institutional investment, and enhance investor protection by providing a consistent legal environment. Lummis, a Republican from Wyoming, is actively working to secure bipartisan support, with her staff meeting almost daily with Democrats to address concerns and build consensus. The goal is for the Banking Committee to vote on the bill by the end of 2025, paving the way for full Senate debates in early 2026.
The legislation also addresses tensions between traditional banks and crypto firms, enabling banks to legally offer custody services for digital assets. In a related development, Lummis reiterated her support for a Strategic Bitcoin Reserve to help offset the U.S. national debt, citing Bitcoin's scarcity and potential long-term value. She noted that modeling suggests holding Bitcoin for two decades could reduce the debt by half, highlighting its role in national financial resilience.
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