U.S. Senator Cynthia Lummis has called on traditional banks to stop resisting digital assets and instead see cryptocurrencies and stablecoins as a business opportunity that can modernize financial services and unlock new revenue.
Speaking in a Fox News interview shared on X, the Wyoming Republican argued that blockchain technology could help banks deliver faster, cheaper, and more flexible services to customers, rather than threatening the existing system.
Lummis questioned why many banks remain hesitant about crypto adoption, saying digital assets allow financial institutions to offer entirely new products.
She pointed to crypto custody services and stablecoin-based payments as two areas where banks could take the lead. According to the senator, some U.S. states already permit banks to provide digital asset custody, while stablecoins could enable payment options that are quicker and more cost-effective than traditional debit card transactions.
By embracing these tools, Lummis said, banks could strengthen their role in the evolving financial ecosystem instead of falling behind fintech firms and blockchain-native companies.
The senator stressed that consumers stand to gain the most from blockchain-based financial services. She noted that moving money on-chain can be significantly faster and less expensive than relying on legacy banking infrastructure, particularly for cross-border transfers.
Lummis added that lawmakers and regulators are actively working to balance innovation with safety. She said discussions with the Federal Reserve have focused on ensuring proper consumer protections as digital assets become more widely integrated into the financial system.
Framing crypto as a natural step forward, Lummis said collaboration among banks, regulators, and technology providers will be key to smoothly integrating blockchain into 21st-century finance.
Notably, US Senators Cynthia Lummis and Ron Wyden introduced new legislation aimed at protecting blockchain developers and infrastructure providers from being classified as money transmitters simply for writing code or maintaining decentralized networks.
