This post was originally published on Coinspeaker
Key NotesWyoming Senator maintains her stance against reopening GENIUS Act legislation despite community banks’ concerns about competitive disadvantages in stablecoin markets.Three states have authorized community banks for digital asset custody, with Lummis urging traditional institutions to adapt or risk obsolescence.The senator actively promotes crypto policy including US-UK fintech collaboration, defending Circle’s firearm purchase policy, and advocating for strategic Bitcoin reserves.
Senator Cynthia Lummis expressed opposition on Nov. 5 to revising the GENIUS Act despite complaints from the banking industry over stablecoin regulations. The Wyoming Republican stated it was “so difficult to get GENIUS passed” that she is reluctant to reopen the legislation during a Bloomberg Television interview.
The banking industry has raised concerns about provisions preventing stablecoin issuers from paying yield while allowing cryptocurrency exchanges such as Coinbase to offer rewards to users holding stablecoins.
Digital assets are the future, and we need to make sure community banks are embracing the opportunity to bank both fiat currency and digital assets. pic.twitter.com/Hb2RMxCN7a
— Senator Cynthia Lummis (@SenLummis) November 5, 2025
Lummis acknowledged understanding “the frustration of the community banks” but maintained her position against revisiting the law, according to her remarks on the broadcast. The conflict represents a broader
— Read the rest of this post, which was originally published on Coinspeaker.
