Regulation
Senator Says Bitcoin Will Be Vital to US Economy After Election
US Senator Cynthia Lummis recently expressed the vital role that Bitcoin and other cryptocurrencies will play for the US economy. Indeed, Lummis taken at X (formerly Twitter) to discuss the asset class and its growing value in the modern financial sector.
Lummis shared the efforts she and other lawmakers have made to raise awareness about digital assets in the Senate. Additionally, she noted that these efforts resulted in the recent pro-crypto regulations that were passed in recent weeks. However, this progress is only the beginning; as Lummis assures, there is still much to do.
Read also: Goldman Sachs Calls Bitcoin ETF Approval a “Psychological Turning Point”
Cynthia Lummis discussed Bitcoin’s growing role in the US economy
Throughout 2024, cryptocurrencies have taken center stage more pronounced than ever. With the approval of Spot Bitcoin and Ethereum ETFs this year, the asset class has become an important part of the discourse within the financial industry. Additionally, with its increasing prevalence, Washington is also focusing on currencies.
Today, US Senator Cynthia Lummis explained how Bitcoin, Ethereum and other cryptocurrencies will play a crucial role in the economy. Indeed, she noted that pro-crypto lawmakers have moved to educate the Senate on this growing asset class. Subsequently, this task resulted in the adoption of laws such as the FIT21 crypto bill and others.
When I arrived in the US Senate, no one knew anything about crypto assets.
No one knew the difference between Bitcoin and other crypto assets.
We have worked hard to educate Washington and now we are seeing the fruits of that work. pic.twitter.com/lHUVrMTrq2
– Senator Cynthia Lummis (@SenLummis) May 29, 2024
Read also: BlackRock Now Owns the Largest Spot Bitcoin ETF in the US
There is no doubt that digital assets will be an extremely important point of contention in the 2024 elections. Donald Trump has made his pro-crypto stance clear. He has always demonstrated respect and alignment with the community, even choosing to accept donations from the digital asset campaign.
Furthermore, the current US President Joe Biden has also continued to embrace cryptocurrencies. He recently spoke about his desire to improve his understanding thanks to industrial cooperation during his next election campaign.
There is no denying that the work of Lummis and others is largely responsible for the shift in tone taking place on Capitol Hill. This work is only likely to amplify as the post-election economy could see considerable progress in regulating cryptocurrencies in the country.