Senator Lummis Urges Banks to Adopt Stablecoins Amid Regulatory Delays

Senator Cynthia Lummis is advocating for traditional banks to integrate stablecoins into their operations, citing their potential to enhance transaction speed and reduce costs. According to NS3.AI, the market structure bill aimed at regulating stablecoins is currently facing delays due to opposition from banks. These institutions are concerned about potential deposit flight and the implications of reward provisions. Despite these challenges, Lummis underscores the consumer benefits of stablecoins and the opportunity for banks to explore new revenue streams. She anticipates legislative progress on this issue later in the spring.