Senator Cynthia Lummis expressed her disappointment regarding the Senate's inability to progress on the crucial crypto market structure bill following last week's vote.
By Nikhilesh De30 minutes ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Senator Cynthia Lummis speaking at CoinDesk's Policy & Regulation event on Sept. 22, 2026. (Nikhilesh De/CoinDesk)WASHINGTON, D.C. — Senator Cynthia Lummis expressed her "dismay, confusion, and sadness" over the Senate's failure to move forward with an essential procedural vote for legislation aimed at regulating the crypto market last week.
During her remarks at CoinDesk's Policy & Regulation event on Tuesday, Lummis placed the blame for the bill's defeat squarely on the Democrats, stating that the legislation was the product of bipartisan negotiations.
"The issue, as I see it, is that Democrats harbor a greater disdain for President [Donald] Trump than they do for sound policy. They allowed their intense dislike for him to overshadow the importance of passing significant legislation before the midterm elections," she stated. "They chose that … put the blame on the Democrats."
The proposed legislation, which expanded from around 300 pages to over 600, included amendments requested by Democrats, such as those related to bankruptcy protections.
"Every single Democrat voted against it, without exception. I've seen some narratives suggesting that the failure is due to Brian Armstrong or that the industry was too aggressive, or even blaming President [Donald] Trump for profiting from a memecoin before his presidency," she remarked.
In a mid-year financial disclosure for 2026, Trump disclosed earnings of $1.4 billion from his various cryptocurrency ventures during 2025, his first year in office.
However, Lummis acknowledged the constructive role of Democratic Senators Angela Alsobrooks and Kirsten Gillibrand, the latter being her long-time collaborator in crypto legislation, recognizing them as "honest brokers" in the discussions surrounding the bill.