US Senator Cynthia Lummis has highlighted the possible ability of the bitcoin sector to strengthen the US economy and underlined the need of grabbing and using these fresh chances.
Senator Lummis’ Crypto Advocacy
Working with Senator Kirsten Gillibrand and other colleagues, Lummis has been instrumental in creating a financial innovation caucus and building a regulatory structure for the fast growing crypto industry.
Long advocate of cryptocurrencies, Lummis has frequently advised Congress on the value of digital currencies.
She underlined the value of Bitcoin as a payment tool and an investment, pointing out its growing popularity especially in view of world inflation issues.
When Lummis thought back on her time in the Senate, she noted how much knowledge of digital assets had evolved since she first arrived. Many Senate members first lacked a clear knowledge of digital assets, hence Lummis has worked hard to inform them on the differences between Bitcoin and other cryptocurrencies.
BREAKING: 🇺🇸 Senator Cynthia Lummis says #Bitcoin is “going to be an important part of our economy going forward, unless we blow it!” pic.twitter.com/oBovspuwky
— Bitcoin Archive (@BTC_Archive) May 29, 2024
Bitcoin Amid Political Shifts
As the US presidential elections approach, there are encouraging signs that the economy might use digital assets more extensively. Nonetheless, the narrative around cryptocurrencies is still emerging and not everyone in the society sees this positive picture.
Renowned Bitcoin enthusiast Samson Mow has voiced worries about possible industry government action. Mow cautions that political meddling could damage Bitcoin should it deviate from its fundamental principles, despite attempts towards legal certainty.
Without constant commitment to these values, he argues, political engagement could lead to issues similar to the collapses of FTX and other major exchanges, therefore causing significant financial losses.
I’m not bullish on politicians becoming pro “crypto.” It may feel nice given the prior hostile anti-crypto stances, but long term it’s bad for #Bitcoin. Without a strong Bitcoin ethos, this shift only paves the way for the next FTX/Luna/Genesis, & once again, we will pay for it. https://t.co/bXd9ymjkZY
— Samson Mow (@Excellion) May 25, 2024
Mow added that his comments were not meant to discredit powerful pro-crypto leaders like Lummis, whom he praised for her exceptional efforts promoting the general acceptance of cryptocurrencies inside strict legal regimes.
Advancements In US Crypto Regulations
With the SEC approving Bitcoin and Ethereum spot ETFs and other pro-crypto laws developing, the US digital currency ecosystem has evolved dramatically showing stronger regulatory conditions and support from both sides.
Supported from both sides, the Financial Innovation and Technology for the 21st Century Act (FIT21) was passed by the House of Representatives. The Senate’s decision to undo Staff Accounting Bulletin No. 121 (SAB 121) voted to overturn Gary Gensler’s Staff Accounting Bulletin makes it simpler for the financial institutions to be bitcoin custodians.
Featured image from Shutterstock, chart from TradingView