Cynthia Lummis Blames Democrats for Virtual Asset Bill Failure

U.S. Senator Cynthia Lummis (Cynthia Lummis) has claimed that the Senate Democrats are responsible for the failure of the virtual asset (cryptocurrency) market structure bill.

According to CoinTelegraph on October 18 (local time), Lummis stated that Democrats blocked the bill's processing, noting it aimed to maintain the Securities and Exchange Commission's (SEC) authority to combat fraud and market manipulation.

The senator explained that the bill was designed to establish a new regulatory framework for the virtual asset market while allowing the SEC to continue its existing role in investor protection and unfair trading enforcement.