Wyoming Senator Cynthia Lummis, a leading advocate in the US Senate Banking Committee for digital asset regulation, is pushing forward with plans to advance the Responsible Financial Innovation Act next week. Speaking at the Blockchain Association Policy Summit, Lummis acknowledged the intense bipartisan negotiations have left legislative teams fatigued but emphasized the urgency to proceed with a markup hearing before the congressional holidays. “Our staffs are exhausted,” she noted, referencing the collaborative efforts with Senator Kirsten Gillibrand’s team. The senator aims to release a refined draft by the end of the week to gain industry and bipartisan feedback prior to the markup—an important step where lawmakers debate and amend the bill before sending it for a Senate vote.
This legislation would mark a significant development in US digital asset policy, shifting regulatory authority more firmly towards the Commodity Futures Trading Commission and providing much-needed clarity to the crypto market. Many industry leaders, including Coinbase’s chief legal officer Paul Grewal, have expressed strong support for swift passage, anticipating increased on-chain finance under clearer regulatory frameworks. While challenges remain—including partisan pushback and the recent government shutdown delays—Lummis remains optimistic about finalizing the bill and enacting meaningful reform by 2026.
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