Lummis presses US on crypto rules as rivals advance
US Senator Cynthia Lummis has urged Congress to move quickly on digital asset legislation, warning that the United States could lose ground to China and Europe if lawmakers delay action.
Lummis said America faces a closing window to set clear rules for cryptocurrency, stablecoins, and wider digital asset markets.
She argued that the CLARITY Act has become a critical test for whether the US can keep its place as a global financial leader.
"This is our last chance to pass the Clarity Act until at least 2030. We can’t afford to surrender America’s financial future,"
Lummis said.
Her warning comes as global rivals push ahead with their own digital finance plans while US lawmakers continue to debate how crypto should be regulated.
China remains a major concern because of its digital yuan project, which forms part of Beijing’s wider plan to expand its role in cross-border payments.
The digital yuan has already been used in pilot programmes linked to trade corridors across regions such as Southeast Asia and Africa.
Reports cited in the debate say the digital yuan had processed nearly $55 billion by early 2026, adding to concern in Washington over China’s digital currency ambitions.
Europe has also moved faster than the US through its Markets in Crypto-Assets rules, known as MiCA, which fully took effect in late 2024.
MiCA has given crypto firms in Europe clearer licensing and compliance rules, while many US companies still face uncertainty over which agencies oversee different digital assets.
Several exchanges and stablecoin issuers have expanded their European operations as they look for markets with clearer rules.
That shift has raised concerns that jobs, investment, and compliance infrastructure could move away from the US if Congress fails to act.
The Senate is now working on two major crypto bills as lawmakers try to close the gap with overseas competitors.
The GENIUS Act focuses on stablecoin issuance standards, while the CLARITY Act seeks to define how digital assets should be classified.
Lummis has backed both efforts and has said she expects progress before the end of 2026.
She has also continued to support the idea of a strategic bitcoin reserve, which would involve the US Treasury holding bitcoin as a long-term national asset.
Lummis argues that bitcoin and digital asset policy should be treated as part of America’s wider economic and geopolitical strategy.
Her comments suggest that crypto regulation is no longer only a market issue in Washington, but also a question of national competitiveness.
At the time of reporting, Bitcoin price was $77,405.46.