‘We Are Building A Crypto Army in Congress’- Sen Cynthia Lummis

by

As an analyst with a background in financial markets and experience following the regulatory landscape of crypto assets, I am encouraged by Senator Cynthia Lummis’s recent statements and the apparent shift towards more pro-crypto policies in Congress. The overturning of SAB 21 and the passing of FIT21 legislation in the House are significant steps that demonstrate a growing bipartisan support for creating a regulatory framework for the crypto industry.

Cynthia Lummis, a United States Senator, has reaffirmed the increasing acceptance of crypto assets within Congress, following notable industry victories. In a May 23 post on X (previously Twitter), this crypto-friendly legislator expressed her belief that a pro-industry faction is being formed in Congress.

“We are building a pro-crypto army in Congress.” 

The announcement has ignited a buzz on social media platforms regarding cryptocurrencies, with users expressing approval for lawmakers’ broader initiatives. However, the community remains cautious and calls for further regulations to minimize potential lawsuits between crypto companies and the Securities and Exchange Commission (SEC). While optimism prevails among market participants due to recent shifts in some legislators’ stance, there are concerns about the future of the FIT21 crypto bill in the Senate.

Sen Cynthia Lummis Hails Two Crypto Wins 

Cynthia Lummis’s remarks follow recent victories for digital assets. Last week, the US Senate reversed Securities and Exchange Commission (SEC) Chairman Gary Gensler’s SAB 21, which imposed stringent regulations on financial institutions aiming to offer crypto custodian services.

Senator Lummis expressed her approval by sharing a Bitcoin image with the tagline “We’re back” and laser eyes filter. Her action fueled speculation that legislators are leaning towards more accommodating stances. This week, a large number of House Representatives passed a bill aimed at providing regulatory certainty in the crypto market. The FIT21 legislation received support from both Republican and Democratic representatives.

The Senate may encounter resistance against the proposed FIT 21 bill, but its approval underscores a significant shift in Congressional sentiment towards establishing regulatory guidelines for the crypto sector. According to Senator Lummis, this bipartisan support is evident.

Anti-Crypto Lawmakers Might Delay Rules

Senators like Sen. Lummis have taken a more permissive stance towards cryptocurrencies, whereas Sen. Warren and others have been vocal critics. They advocate for stricter regulations due to concerns over crypto being used in illicit activities such as terror financing. According to Sen. Warren’s perspective, it is essential to take measures to safeguard consumers and prevent such misuses.

Several legislators have raised objections to FIT21, with Representative Maxine Waters describing it as particularly detrimental due to its potential to dismantle regulations around cryptocurrency, which could ultimately result in a market collapse.

Bitcoin Whales Accumulate 20K BTC, Fueling $70K BTC Rally 

Read More

2024-05-23 19:55