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Senator Lummis says cryptocurrencies will play an important role in the US economy after the election
Senator Cynthia Lummis recently stated that the cryptocurrency market will play a significant role in the US economy unless this opportunity is squandered.
Lummis, a supporter of pro-cryptocurrency legislation, believes recent victories in Congress signal a promising future for the industry.
In recent years, pro-crypto lawmakers like Lummis have worked tirelessly to educate their colleagues about digital assets. She said in a social media post on May 29:
“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 the members of the Senate.”
Lummis, along with Senator Kirsten Gillibrand and others, established a financial innovation caucus and a framework for managing the cryptocurrency industry.
He highlighted Bitcoin’s role as a store of value and medium of exchange, which has contributed to its growing adoption globally. Factors such as inflation have pushed users to use Bitcoin as a hedge and store of value.
Lummis also highlighted the growing awareness around Ethereum, which he described as a blockchain capable of supporting numerous applications.
The US cryptocurrency market has made significant progress recently, including the SEC’s approval of Bitcoin and Ethereum spot ETFs. Additionally, several pro-crypto bills have emerged in recent weeks, indicating a more favorable regulatory environment and bipartisan cooperation.
A notable legislative success is the House of Representatives’ passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which saw some Democrats cross party lines in support.
Additionally, the Senate voted to rescind Staff Accounting Bulletin No. 121 (SAB 121) by Gary Gensler, easing the path for banks to become custodians of cryptocurrencies.
As the upcoming US presidential election approaches, the cryptocurrency narrative continues to evolve, with high optimism for further progress and integration of digital assets into the economy.