During a recent hearing on digital assets, Senator Cynthia Lummis highlighted several key points regarding the future of cryptocurrency regulation in the United States. She noted that most digital assets do not qualify as securities under the Howey test, indicating a potential easing of regulatory burdens for many tokens. Lummis emphasized that the U.S. is lagging behind other countries in establishing comprehensive laws for digital assets. Furthermore, she asserted that stablecoins have the potential to modernize the U.S. payment system, bringing it into the 21st century. In related developments, Representative Mike Carey announced that his bill to overturn the IRS's cryptocurrency 'Broker Rule' advanced out of the Ways and Means Committee, which aims to maintain U.S. leadership in the emerging crypto sector. The House has previously shown bipartisan support for initiatives like FIT 21, which seeks to create a regulatory framework for digital assets.