Sen Lummis hints at self-care plans

With the recent trend toward crypto regulation in the United States, pro-crypto senator Cynthia Lummis is vowing to advocate for more favorable rules in the future.

Pushing Self-Custody Crypto Regulation

Many crypto leaders have called out the lack of regulatory clarity in the United States, a trend that lawmakers like Cynthia Lummis hope to change soon. In her latest comment on social media platform

This is a concept that generally discourages centralized custody of crypto assets. This advocacy against this concept became popular after the declaration of bankruptcy of FTX Derivatives Exchange. As billions of user assets are stuck in bankruptcy proceedings, crypto activists have begun to advocate for self-custody.

With regulation lagging in the sector, digital currency trading platforms have innovated to prevent banks from running into deposits. Pioneered by Binance Exchange, these trading platforms have started publishing verifiable proof of reserves (PoR). This PoR report has now become a tradition and is published monthly. It shows the ratio of user balances to trading platform assets to meet demands.

This method still relies largely on the discretion of the stock market. In Senator Lummis’ comment,

“I will fight to protect the right of every American to keep their own private keys. Property rights are fundamental to decentralization and resistance to censorship.

It remains unclear whether she will sponsor a bill in the Senate or play a role in pushing for more clarity from the U.S. Securities and Exchange Commission (SEC) in this regard. Overall, Senator Lummis defends a tendency in Congress to build a new pro-crypto army.

America is gradually pivoting

While discussions around crypto regulation remain volatile, the ground is changing for the better. In January, the SEC gave the green light Spot Bitcoin ETF products intended for commerce. This approval marked the end of a wait of more than 10 years for the product with the same regulator.

Despite the conversation around categorizing Ethereum as a security, the SEC made a complete reversal earlier this week. The turnaround occurred with the approval of the 8 Ethereum Spot ETF products, a monumental achievement for the industry.

With the progress made so far, fueling self-preserving crypto regulation could soon become a long-term reality.

Learn more: Grayscale Bitcoin Dominance Under Threat as Blackrock IBIT Aims for Top Spot

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