Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House

Senator Cynthia Lummis — one of the strongest pro-crypto voices in Washington — is back at the center of negotiations as lawmakers and the White House try to finalize major crypto market-structure legislation. But according to people familiar with the talks, the remaining issues are “dicey,” and compromise won’t come easy.

The bill aims to finally clarify which digital assets should fall under the SEC and which belong under the CFTC. While both sides agree that clearer rules are needed, the sticking points revolve around consumer protections, stablecoin oversight, and how far the government should go in regulating decentralized protocols.

Lummis is reportedly pushing for a framework that encourages innovation while still protecting investors. She wants guardrails — not handcuffs. The White House, however, is focused on preventing another Terra-style collapse and wants stronger federal authority over stablecoin issuers and custodians.

One of the toughest debates centers on self-custody rights. Lummis has been vocal that Americans should always be allowed to hold their own crypto, while some officials are seeking tighter reporting requirements to fight illicit finance.

Despite the friction, negotiators say progress is real. If a compromise emerges, this bill could become the most significant U.S. crypto legislation to date — reshaping how the entire industry operates. For now, all eyes remain on Lummis as she attempts to bridge a widening policy divide.