Key Republican senators are pushing for a GOP-only bill to regulate cryptocurrencies amid stalled talks with Democrats. The move aims to build momentum on digital asset market structure legislation. Sen. Cynthia Lummis of Wyoming urged swift action to advance the proposal.
Negotiations between Republicans and Democrats on cryptocurrency regulation have reached an impasse, prompting Senate Republicans to consider proceeding without bipartisan support. Sen. Cynthia Lummis (R-Wyo.), a central figure in the talks, stated that Senate Banking Committee Chair Tim Scott (R-S.C.) should schedule a markup on the legislation next week, regardless of Democratic agreement.
"It’s time, we’re all getting weary," Lummis said on Monday. "It’s time to get this show on the road."
The proposal focuses on establishing a new market structure for digital assets. Panel leaders had hoped to hold committee votes this month on related bills, but ongoing disagreements have delayed progress. By moving forward unilaterally, Republicans seek to inject urgency into the process and potentially force Democrats back to the table.
This development highlights the partisan divides in addressing the growing crypto sector, where regulatory clarity remains elusive.