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Cryptocurrencies Will Play Big Role in US Economy Amid Election: Senator Cynthia Lummis
US Senator Cynthia Lummis says cryptocurrencies will become a major part of the country’s economy unless the market can be capitalized on. Senator Cynthia Lummis and others have spoken out in favor of pro-cryptocurrency legislation to spur growth in the industry. The upcoming US presidential election has shaped the pro-crypto narrative of late with new bills making progress in Congress. This has sparked renewed optimism for future progress.
Sen. Cynthia Lummis recounts efforts in the Senate
The pro-cryptocurrency senator noted recent developments in Congress, highlighting the importance of user education, among others. According to Lummis, pro-industry lawmakers have enlightened their colleagues over the years and are now reaping the rewards.
“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.“
When I got to the US Senate no one knew anything about cryptocurrencies.
No one knew the difference between Bitcoin and other crypto assets.
We’ve worked hard to educate Washington, and now we’re seeing the fruits of that work. pic.twitter.com/lHUVrMTrq2
— Senator Cynthia Lummis (@SenLummis) May 29, 2024
Sen. Cynthia Lummis, Sen. Gillibrand and others created a financial innovation caucus and a financial framework for managing the industry. Additionally, you explained Bitcoin’s use as a store of value and medium of exchange that drives its adoption among new users. In recent years, global adoption of Bitcoin has increased with factors such as inflation driving its surge. Users turned to
Bitcoin as a hedge against inflation and a store of value.
Senator Cynthia Lummis also highlighted the enlightenment around Ethereum as a blockchain capable of integrating diverse applications.
Recent wins for US cryptocurrencies
The US cryptocurrency market was the big winner this month after the spot was approved Ethereum ETF by the Securities and Exchange Commission (SEC). Pro-cryptocurrency laws have also made significant progress, aiming for an improved regulatory environment and bipartisan cooperation on cryptocurrencies.
The House of Representatives passed the Financial Technology and Innovation for the 21st Century Act (FIT21) with some Democrats crossing party lines to vote for the bill. Likewise, the U.S. Senate voted to overturn Staff Accounting Bulletin No. 121 (SAB 121) by Gary Gensler, making it difficult for banks to become custodians of cryptocurrencies.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.