U.S. Senator Cynthia Lummis calls on the banking industry to embrace stablecoins and digital assets.
PANews reported on February 6th that, according to The Block, U.S. Senator Cynthia Lummis, in an interview, urged the banking industry to embrace stablecoins and digital assets, arguing that this would bring entirely new product opportunities to traditional financial institutions. She pointed out that stablecoins can significantly shorten settlement times and reduce costs, thereby significantly improving the efficiency of domestic and international transactions, and that banks providing custody and payment services for these stablecoins would open up more business possibilities. Lummis currently serves as the chair of the Senate Digital Assets Subcommittee. She emphasized that she does not understand why the banking industry is resisting digital assets, which actually provide banks with new financial products to offer their customers. The current disagreement between banks and the cryptocurrency industry regarding stablecoin yield terms remains a key factor delaying the passage of the U.S. Cryptocurrency Market Structure Act.
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