Sen. Cynthia Lummis — a number one drive behind efforts to go sweeping cryptocurrency laws and to codify a strategic bitcoin reserve — mentioned she won’t search reelection.
The Wyoming Republican’s time period is about to finish in January 2027. In a submit on X on Friday, she mentioned this previous fall had taken a toll.
“I’m a religious legislator, however I really feel like a sprinter in a marathon,” she mentioned. “The power required would not match up.”
Lummis chairs the Senate Banking Committee’s digital property subcommittee and has spent the previous a number of years on the middle of congressional efforts to manage the crypto business. She has labored carefully with Sen. Kirsten Gillibrand, D-N.Y., on complete laws designed to ascertain a regulatory framework for digital property, together with clarifying oversight obligations between businesses such because the Securities and Trade Fee and the Commodity Futures Buying and selling Fee.
The Senate Banking Committee has been barrelling towards advancing that laws following a number of conferences, together with Democrats, Republicans, the crypto business, and conventional finance stakeholders. Sights are actually set on early subsequent yr to amend and go the invoice out of that committee, however it might nonetheless should be mixed with work being performed within the Senate Agriculture Committee. Afterward, it might want a full Senate vote earlier than being reconciled with a Home model that handed over the summer time.
Past market construction, Lummis has additionally pushed for crypto tax reform, together with ending the double taxing of miners and stakers, and placing ahead a $300 transaction threshold to be exempt from taxes, amongst different adjustments. Lummis has additionally pushed for a invoice to cement President Donald Trump’s strategic bitcoin reserve into regulation.
Regardless of her choice not run for re-election, Lummis is targeted on bringing payments to Trump’s desk in 2026.
“I look ahead to persevering with this partnership and throwing all my power into bringing essential laws to his desk in 2026 and into retaining commonsense Republican management of the U.S. Senate,” she mentioned.
Disclaimer: The Block is an impartial media outlet that delivers information, analysis, and information. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in different corporations within the crypto area. Crypto trade Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently to ship goal, impactful, and well timed details about the crypto business. Listed below are our present monetary disclosures.
© 2025 The Block. All Rights Reserved. This text is offered for informational functions solely. It isn’t supplied or supposed for use as authorized, tax, funding, monetary, or different recommendation.