Sen. Lummis: Banks Should Ride Stablecoins Like a Mississippi Riverboat, Not Fight ‘Em!

by

U.S. Sen. Cynthia Lummis, with the subtlety of a cannon at a tea party, declared to America’s banks that stablecoins ain’t no bogeyman-they’re the future, and they’d best saddle up or be left in the dust, where Congress’s crypto legislation has already settled like old coffee grounds.

Banks, she said with the patience of a man explaining why the moon don’t fall, should see stablecoins as a golden goose, not a goose to chase off the porch. “Why defend your kingdom like a bad actor in a western when you could expand it like a railroad baron with a new track?” she mused on Feb. 6, Fox Business being her stage. Faster payments, cheaper fees, and custody services? “It’s like sendin’ a telegram with a telegraph and a side of pie,” she quipped. Blockchain, she noted, might outpace the old banking rails-though she assured the Federal Reserve is still the sheriff in town.

Her remarks come just as Congress’s masterpiece of legislation, the Digital Asset Market Clarity Act of 2025, sits in gridlock like a stuck mule. The big debate? Whether stablecoins can offer rewards without lookin’ like a savings account’s long-lost cousin. Banks fret that bonuses might drain deposits, while crypto firms scream, “It’s the whole dang point!” Lummis, ever the diplomat, suggested a compromise: “Call it a ‘bonus,’ not interest, and we’ll all pretend we’re not confused.” Spring 2026, she hinted, might finally see the bill get a vote-or collapse under its own weight, whichever comes first.

FAQ ❓

  • Why is Cynthia Lummis urging banks to adopt stablecoins?
    She reckons stablecoins are the next big thing, givin’ banks swifter payments and new revenue streams, not some two-faced foe in the night.
  • What is holdin’ up crypto legislation in Congress?
    Disagreements over stablecoin rewards have stalled the CLARITY Act like a train waitin’ for tracks. Banks and crypto firms are playin’ chicken with the word “interest.”
  • Are stablecoins regulated in the US?
    Yes, the GENIUS Act says they must be fully backed by reserves-like a bank vault, but with more paperwork.
  • When could lawmakers revisit the stalled bills?
    Spring 2026, if the Senate remembers where it put the gavel. Otherwise, 2027, or maybe the next ice age.

Read More

2026-02-07 22:57