Washington, DC – Following the American Senate, adopting its first major Crypto bill, one of the main supporters of the industry, senator Cynthia Lummis, said that the last step towards American regulations for the cryptographic sector could take several additional months, potentially passing after the deadline set by President Donald Trump.
The recent approval by the Senate of Stables legislation is only one of the many stages which remain potentially in the transformation of two related efforts – also including the thrust to new rules to govern the markets of American digital assets – in American law.
When asked for a realistic calendar on this year’s cryptography efforts, Lummis told a Bitcoin Policy Institute audience in Washington, “I think before the end of this calendar year” to complete all related legislation. The Wyoming Republican said that she would be “extremely disappointed” if it was not the case.
“We are in a good place,” she said during the event on Wednesday. But the president of the subcommittee of digital assets of the Senate digital committee also led an audience on Tuesday to make a first foray into the discussion on the legislation on the structure of the market in this room, recognizing that it will not be easy. It alluded to the delicacy of the bipartite wave which helped stimulate 18 democratic votes (for 68 in total) On the Stable bill last week, which she assimilated to “a tooth shooting”.
During her Tuesday audience, a shortage of democrats arose to question witnesses, and she made some remarks at the end revealing her conscience that the parties approach the effort differently.
“I do not want to propose legislation in which the other side of the aisle considers that they did not have an adequate contribution, and therefore it may be that I retire to pursue additional discussions directly on the other side of the aisle,” she said, wondering how the pursuit of cryptographic legislation has become divided. “It was very bipartite at the time and now it does not seem to be, and I do not understand what has changed, at least with regard to this subject.”
Some Democratic legislators have required that Congress must insist in these bills that senior officials, including the president, are not authorized to engage directly in cryptographic companies. While republican legislators generally moved away from openly discussing the criticism that Trump’s involvement is equivalent to the corruption of the federal government, Lummis hosted his head on Tuesday.
“Perhaps this is a matter of concern that some people who have family members in the administration will be advantageous in one way or another by what we do,” she said. “I don’t want this to be the case. I want everyone to be advantageous.”
She noted at the event of Wednesday that there was – at some point in the debate on the stables in the Senate – a setback with the Democratic supporters, who struck the brakes to criticize some of the bills of the bill as well as the potential conflicts of Trump’s personal interests.
These Democrats, including Senator Ruben Gallego, came later. But so far it is not very difficult to know how much these legislators will put pressure for the effort of structure of the market to prohibit representatives of the Government of the Crypto and if it would be a rupture for the Republicans.
At this stage, the Chamber of Representatives of the United States was at the top of the structure of the cryptographic market, after having adopted its law on the clarity of the digital asset market from two committees on the way to the soil of the Chamber. But he must now repair a strategy to know how he can or not fold the stablecoin effort in this bill or continue it separately. An option is simply to sign guidance and establish national innovation of the Senate for American stablescoins (GENIUS) Act, who would send this piece to Trump more immediately, as he asked in a recent social-media post.
The Senate remains the biggest obstacle for American legislation, so all the successes of the Chamber will have the need to gain wide democratic support in the Senate.
Read more: American Senators Pitch The new frame of structure of the cryptographic market as hearing approaches
