U.S. Senator Lummis Hints at ‘Sensitive’

U.S. Senator Lummis Hints at 'Sensitive' Discussions Regarding U.S. Crypto Legislation

Lummis is hopeful a stablecoin bill could move forward in the first half of 2024, before elections increase political pressures in Washington.

U.S. Senator Cynthia Lummis (R-Wyo.) revealed in an interview with CoinDesk TV on Thursday that the long-awaited legislation aimed at establishing regulations for U.S. stablecoin issuers is currently the subject of “pretty delicate” negotiations. She emphasized that discussions are ongoing on a daily basis, not only between Democrats and Republicans but also between the U.S. Senate and the House of Representatives.

As a prominent advocate for crypto policy in the Senate and a co-author of one of the most comprehensive legislative efforts to regulate digital assets, Lummis expressed optimism about the potential success of the stable coin legislation this year. She noted that the stable coin piece may have the best odds of passing and mentioned that it has received “good technical assistance feedback” from the Federal Reserve.

Lummis conveyed her optimism, stating, “I’m optimistic that we will see stablecoin legislation this year and possibly even in the first half of this calendar year.” She highlighted the potential challenges as the year progresses, particularly with elections looming, making it tougher to focus on complex legislative issues as members of Congress shift their attention to re-election and maintaining their party’s majority.