U.S. Senator Cynthia Lummis (R-WY), a prominent advocate for the integration of digital assets into the mainstream financial system, has publicly urged traditional banking institutions to proactively adopt and utilize stablecoins, despite the ongoing legislative gridlock in Congress.
Lummis’s call to action focuses on the tangible benefits stable digital currencies offer, including drastically reduced transaction costs and increased speed for domestic and cross-border payments. She argues that waiting for perfect regulatory clarity is detrimental to American financial innovation and global competitiveness.
The urgency stems from the continued stalemate over comprehensive stablecoin legislation. Efforts to pass bills, often framed around the principles of the proposed CLARITY Act, have repeatedly stalled in the House and Senate Financial Services Committees. Key disagreements center on issues such as the role of the Federal Reserve, the balance between state and federal chartering authority, and specific requirements for asset backing and redemption protocols.
Addressing financial leaders, Senator Lummis asserted that banks already possess the necessary infrastructure and expertise to manage the risks associated with stablecoins, which are typically pegged 1:1 to the U.S. dollar. “We are asking the banks to embrace stablecoins, even without the full certainty of a complete legislative package,” Lummis stated. She emphasized that stablecoins should be viewed primarily as payment instruments rather than speculative assets, a designation that legislative clarity would solidify.
While the industry awaits a federal framework that clearly defines stablecoin regulation—a framework designed to provide the legal certainty banks require—Lummis’s position places the responsibility for immediate progress on the private sector. Her view is that banks should leverage existing regulatory guidance and pilot programs to integrate stablecoin technology now, ensuring the U.S. does not lag behind other nations in modernized payment rail adoption.
Source: Senator Lummis Urges Banks to ‘Embrace’ Stablecoins Amid CLARITY Act Stalemate
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