Cynthia Lummis criticizes Senate vote blocking crypto safeguards

Cynthia Lummis: U.S. Senator from Wyoming and chair of the Senate Banking Committee's Digital Assets Subcommittee, Lummis has led bipartisan efforts to establish regulatory clarity for digital assets. In recent weeks she has publicly criticized a Senate procedural vote that blocked advancement of the Digital Asset Market Clarity Act. She argues the outcome leaves crypto users without adequate protections against future failures similar to FTX. Regulatory Shift: Following the bill's stall, federal agencies including the SEC and CFTC began issuing their own crypto-related rules and guidance to address market structure issues. Legislative Outcome: The Senate failed to advance the Digital Asset Market Clarity Act in a September 2026 procedural vote after extended bipartisan negotiations. Consumer Protection Concerns: Advocates contend the blocked legislation would have added guardrails for customer assets and ethics provisions to reduce risks of another major exchange collapse.