Senator Lumis announces resignation; what is the current status of progress in crypto regulation legislation

【ChainNews】Republican Senator Cynthia Lummis recently announced that she will not seek re-election after her term ends in January 2027. She stated on social media that a series of events last fall had a significant impact on her mental and physical health.

As Chair of the Senate Banking Committee’s Digital Assets Subcommittee, Senator Lummis has played a central role in promoting cryptocurrency industry regulation in Congress over the past few years. She has established a close bipartisan partnership with Democratic Senator Kirsten Gillibrand of New York, jointly advancing a major piece of legislation aimed at establishing a comprehensive regulatory framework for digital assets. Key aspects of this bill include clearly defining the responsibilities among multiple regulatory agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The Senate Banking Committee has been working diligently on this legislation, with multiple rounds of meetings bringing together Democratic and Republican lawmakers, representatives from the crypto industry, and traditional financial institutions. The current plan is to revise the bill early next year and pass it through committee review. However, this is not the end— the bill needs to be coordinated with the relevant work of the Senate Agriculture Committee before it can be submitted for a full Senate vote. It will also need to be aligned with the version passed by the House of Representatives in the summer. The entire process involves coordination among multiple departments and committees, and the final formation of the regulatory framework will still take time.