Sen. Cynthia Lummis of Wyoming called the current U.S. payments infrastructure outdated, declaring the growth of digital assets a national priority. She said the current financial framework, laid out in the 1970s and 1980s, has become inefficient and expensive, especially for small businesses and for cross-border transactions.
The legislator’s position is that digital assets, in particular stablecoins, offer a faster, cheaper and more accessible alternative that can operate around the clock and complete transactions in seconds.
Lummis spoke out on the topic after the Senate began considering the Guidance and Establishment of National Innovation for Stablecoins in the United States (GENIUS) Act.
Lummis gave a specific example: A small business owner in Cheyenne faced delays of up to 10 days and fees of up to 5% when paying an international supplier using traditional methods. Stablecoins complete similar transactions in seconds, at a fraction of the cost, and operate 365 days a year.
«It’s not just inconvenient. It’s a total loss for American companies,» Lummis concluded.
Meanwhile, the GENIUS bill, which passed by a 66-32 vote, sets clear boundaries for issuers, provides for consumer protections and preserves the dominance of the U.S. dollar in global finance.
Interestingly, Lummis’ home state of Wyoming is set to launch a government-backed stablecoin WYST.
