Lummis rejected<\/a> that reading during her own CNBC appearance. She said AML and BSA obligations already apply to digital assets and added that the requirements are included in the bill.<\/p>\n <\/p>\n
Stablecoin rewards become a central dispute<\/h2>\n
The fight has focused heavily on whether crypto platforms should be allowed to reward users for holding stablecoins. Banking groups have warned lawmakers that crypto firms could compete with banks for customer funds while avoiding the same rules that apply to insured deposits.<\/p>\n
The American Bankers Association said in May that senators should close what it called a loophole that lets digital asset service providers bypass restrictions on paying interest or yield on payment stablecoins. The association tied that concern to the GENIUS Act, which established stablecoin rules before the current market-structure debate.<\/p>\n
A legal analysis from Davis Wright Tremaine said the Senate Banking Committee advanced the Digital Asset Market Clarity Act on May 14, 2026. The firm said the bill covers illicit finance, decentralized finance, stablecoin yield limits, tokenization standards, developer protections, customer property rules, and bankruptcy protections.<\/p>\n
<\/p>\n
Political scrutiny surrounds crypto support<\/h2>\n
During the CNBC interview, Andrew Ross Sorkin also asked Lummis about her financial and political ties to the crypto industry. Lummis said lawmakers working on industry-specific legislation commonly receive contributions from people affected by those policies.<\/p>\n
Lummis has remained one of Congress\u2019s most vocal crypto supporters. In 2024, after Donald Trump began accepting campaign donations in crypto, she said she was building a pro-crypto coalition in Congress.<\/p>\n
Coinbase has also become one of the crypto industry\u2019s largest political donors. Its role in Washington has grown as lawmakers debate whether digital asset rules should give more authority to market regulators, banking regulators.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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