Cynthia Lummis said banks should adopt stablecoins and crypto services rather than resist them, arguing digital assets offer new products and revenue opportunities for financial institutions.
The Wyoming senator said blockchain-based payments can make transactions faster and cheaper, particularly for cross-border transfers, while expanding what banks can offer customers.
“One of the things I don’t understand about the bank’s resistance is this gives them an entirely new financial product that they can offer to their customers,”
Lummis said.
She pointed to digital asset custody and stablecoin-based payments as areas where banks could play a larger role, noting that several US states already permit crypto custody.
“Whether it’s custody of digital assets, which three states already allow, or the use of stablecoins as a payment mechanism that’s faster and cheaper than a debit card,”
She said, banks stand to benefit.
Lummis said consumers stand to gain most from blockchain efficiency, adding that money can move more quickly onchain than through traditional banking rails, especially internationally.
She added that lawmakers, regulators and the Federal Reserve are working to ensure strong safeguards so digital assets integrate safely into the financial system.