U.S. Senator Cynthia Lummis (R-WY) voiced strong support for the President’s Working Group on Digital Asset Markets on July 30, calling the newly released report a major step forward in the U.S.’s push to lead in blockchain and digital finance.

As Chair of the Senate Banking Subcommittee on Digital Assets, Lummis said she’s excited to finally see presidential backing for digital innovation.

“I’m overjoyed we finally have a president who understands the transformative power of digital assets and distributed ledger technology to build America’s financial future,” Lummis said.

On social media platform X, she declared:

“This is the year for digital assets.”

Longtime Crypto Advocate

Lummis noted that many of the ideas in the presidential report align with proposals she has pushed since taking office in 2021. She has worked on digital asset tax reforms, fintech regulation, and market structure modernization for years.

The Wyoming senator also criticized the Federal Reserve for limiting access to master accounts for crypto-focused banks. She accused the Fed of using “reputation risk” and vague internal guidelines to deny services—likening it to Operation Chokepoint 2.0, a controversial past practice of cutting off banking access for legally operating but “risky” businesses.

Reform-Driven Legislation

Lummis has introduced several key bills to boost blockchain growth:

• A financial sandbox law modeled after Wyoming’s 2019 rules
• Crypto tax reform measures including:
  • De minimis exemptions for small crypto transactions
  • Tax relief for miners and stakers
  • Adjustments to the corporate alternative minimum tax to exclude digital assets

Her legislation aims to reduce regulatory burden while creating clarity for startups and investors. While critics argue this could loosen oversight, supporters say it makes the U.S. more competitive globally—especially as countries like the UAE and Singapore race ahead in blockchain adoption.