Regulation
Senator Lummis highlights crypto’s economic promise amid regulatory progress and legislative victories
U.S. Senator Cynthia Lummis recently Underlines the potential of the crypto market to boost the country’s economy, emphasizing that the country must be willing to recognize and take advantage of these new opportunities. Lummis has long been a strong supporter of cryptocurrency, constantly briefing Congress on the importance of virtual currencies.
Lummis reflected on the progress made since the start of his tenure in the Senate, highlighting the lack of understanding around digital assets when he arrived.
When I came to the US Senate, no one knew anything about digital assets, no one knew the difference between Bitcoin (BTC) and alternative coins. So we worked hard to educate members of the Senate, Lummis explained.
Along with Senator Kirsten Gillibrand and other colleagues, Lummis was instrumental in forming a Financial Innovation Caucus and developing a regulatory framework for the rapidly growing crypto industry. Highlighting Bitcoin’s usefulness as both a form of investment and a means of payment, Lummis highlighted its growing acceptance, particularly in the face of concerns over global inflation.
US Legislative Progress Fuels Crypto Optimism
Additionally, Lummis highlighted the growing popularity of Ethereum, highlighting it as a flexible blockchain capable of handling a wide range of applications. The US virtual currency market has made significant progress with the approval of Bitcoin and Ethereum spot ETFs by the SEC and the advancement of numerous pro-crypto bills, suggesting improved regulatory conditions as well as bipartisan support .
A significant legislative achievement includes the House of Representatives’ approval of the Financial Innovation and Technology for the 21st Century Act (FIT21), with bipartisan support. The Senate’s decision to rescind Gary Gensler’s Staff Accounting Bulletin No. 121 (SAB 121) also made it easier for banks to act as custodians of cryptocurrencies.
As the US presidential elections approach, the discourse around crypto continues to evolve. The outlook is promising for broader integration of digital assets into the economy. However, this optimism is not universally shared within the crypto community.
Popular Bitcoin advocate Samson Mow has expressed skepticism about politicians’ involvement in the sector. Despite attempts by politicians to provide legal clarity, for Mow there remains the possibility that political involvement could negatively impact Bitcoin. He warned that without a strong commitment to Bitcoin’s fundamentals, political commitment could lead to problems similar to the collapses of FTX, Luna and Genesis, which resulted in significant financial losses.
A crypto enthusiast responded to this view, claiming that some people have abused Bitcoin’s popularity to spread false information and use the market crash or decline as a basis for emergency actions against cryptocurrencies . Mow then explained that he was not pointing the finger at pro-crypto figures, such as Senator Cynthia Lummis, who he praised for her outstanding work in promoting crypto adoption under regulatory strict.
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