Senator Lummis pushes Wyoming-style crypto framework for national law

Lummis contends that Wyoming’s proactive legislative approach—enacting over two dozen digital-asset laws since 2018—demonstrates that regulators can provide industry certainty without stifling innovation. By framing the state’s success in retaining crypto businesses as a template for federal policy, she aims to address the migration of digital asset activity to more permissive jurisdictions abroad.

The proposed legislation would divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, creating specific classifications to dictate regulatory jurisdiction. It also includes protections for non-custodial developers and establishes bankruptcy safeguards for customer assets, ensuring that holdings are treated as property separate from a firm’s estate during liquidation. While the bill has already secured House approval, the upcoming Senate vote requires 60 supporters to move past a procedural hurdle, an essential step in a tight legislative window before the midterm election recess.