Senator Cynthia Lummis (R-WY), a prominent advocate for digital assets in the US Senate, has intensified pressure on traditional American banking institutions, urging them to proactively integrate stablecoins and other digital assets into their services. Her appeal comes as key legislative efforts aimed at providing regulatory clarity for the crypto sector, including a crucial stablecoin framework, continue to face significant delays on Capitol Hill.
Lummis argues that the current uncertainty surrounding federal regulation should not serve as a pretext for inaction within the banking sector. Instead, financial institutions should seize the opportunity to invest in the necessary infrastructure and expertise to securely custody and transact these assets. She highlighted that well-regulated, dollar-pegged stablecoins offer immediate efficiencies in payment processing and cross-border transactions, helping maintain the global dominance of the US dollar in the burgeoning digital economy.
By embracing digital assets now, Lummis suggests, banks can position themselves as central players in the future of finance, rather than ceding ground to non-bank fintech innovators. She emphasized that Congress’s slow movement on comprehensive legislation, despite bipartisan efforts, risks the U.S. falling behind jurisdictions that are moving rapidly to establish clear rules and adopt new technologies. The Senator reiterated her commitment to advancing legislation, but stressed that the industry should move forward with robust risk management frameworks in the interim.
Source: Sen. Cynthia Lummis urges US banks to embrace stablecoins and digital assets amid crypto bill delays
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