Senator Cynthia Lummis: Optimistic About Crypto’s Role in US Economy
Senator Cynthia Lummis recently expressed her belief that the crypto market will play a significant role in the US economy unless opportunities are squandered.
Lummis, a staunch advocate for pro-crypto legislation, is optimistic about the future of the sector following recent victories in Congress.
In a social media post on May 29, Lummis shared, “When I came to the US Senate, nobody knew anything about digital assets, no one knew the difference between Bitcoin (BTC) and alternative coins. So we’ve worked hard to educate members of the Senate.”
Lummis, alongside Senator Kirsten Gillibrand and others, has established a financial innovation caucus and a framework for managing the crypto sector.
Lummis highlighted Bitcoin’s role as a store of value and a medium of exchange, contributing to its increasing global adoption. Factors like inflation have driven users towards Bitcoin as a hedge and a store of value.
She also acknowledged the rising awareness surrounding Ethereum, describing it as a blockchain capable of supporting various applications.
Recent developments in the US crypto market include the SEC’s approval of spot Bitcoin and Ethereum ETFs and the advancement of multiple pro-crypto bills, signaling a more favorable regulatory landscape and bipartisan collaboration.
Notable legislative victories include the House of Representatives’ passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Senate’s decision to overturn Gary Gensler’s Staff Accounting Bulletin No. 121 (SAB 121), making it easier for banks to serve as crypto custodians.
As the US Presidential elections approach, optimism is high for further progress and integration of digital assets into the economy.
