– Wyoming Senator Lummis opposes revising GENIUS Act despite banking concerns – Banking industry objects to stablecoin yield restrictions under the GENIUS Act – Lummis advocates for community banks’ digital asset custody participation – Three states authorized banks to custody digital assets: Louisiana, Virginia, Wyoming – Lummis supports Circle’s stablecoin use for legal firearm purchases – Discussions initiated for US-UK financial technology sandbox collaboration

Senator Cynthia Lummis opposed revising the GENIUS Act on Nov. 5, despite banking industry concerns over stablecoin regulations.

The GENIUS Act restricts stablecoin issuers from paying yield, causing tension with traditional financial institutions.
Lummis emphasized the importance of community banks embracing digital asset custody to stay competitive.
Louisiana, Virginia, and Wyoming have authorized banks to custody digital assets, serving as models for others.
Lummis discussed a US-UK financial technology sandbox with UK Parliament members to foster blockchain innovation.
She supported Circle's decision to allow legal firearm purchases via its stablecoin, citing constitutional rights protection.

Lummis remains active in crypto policy advocacy, supporting initiatives like a US strategic Bitcoin reserve and challenging decisions regarding the sale of Silk Road Bitcoin.