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Cynthia Lummis will build a crypto coalition in Congress
Senator Cynthia Lummis, Republican of Wyoming, is mobilizing a “pro-crypto army” in Congress.
This initiative mirrors former President Donald Trump’s recent declaration to build a “crypto army” ahead of the 2024 election.
The Legislative Efforts of Lummis and Gillibrand
Thursday, Lummis tweeted: “We are building a pro-crypto army in Congress.” This announcement came shortly after the House of Representatives past the Financial Innovation and Technology for the 21st Century Act (FIT21). This historic bill aims to provide regulatory clarity and support innovation in the financial sector despite opposition from the White House and SEC Chairman Gary Gensler.
Senators Lummis and Kirsten Gillibrand have introduced legislation aimed at balancing financial innovation with consumer protections. After the FIT21 vote, Lummis posted a photo with Bitcoin laser eyessymbolizing the resurgence of pro-crypto sentiment in Congress.
“Senator Gillibrand and I have worked tirelessly to craft a cryptocurrency bill that provides common-sense solutions to unleash financial innovation without eroding consumer protections,” Lummis said.
To know more: Cryptocurrency Regulation: What are the advantages and disadvantages?
Recently both in the Senate and the House voted to overturn the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121), which imposed strict rules on financial institutions seeking to become cryptocurrency custodians. Lummis celebrated this event as a significant victory for financial innovation, viewing it as a rejection of the Biden administration’s crypto policies.
Former President Trump has also embraced the crypto movement, with his campaign now accepting cryptocurrency donations via Coinbase Commerce, allowing supporters to contribute using various digital assets, including Bitcoin and Ethereum.
Not all lawmakers, however, share Lummis’ optimism. Senator Elizabeth Warren remains a staunch opponent of cryptocurrency, advocating strict regulations. He expressed concern about the potential for cryptocurrencies to facilitate illegal activities and called for robust consumer protection.
To know more: How to donate cryptocurrencies using The Giving Block
Additionally, the FIT21 bill faces potential challenges in the Senate. Critics like Congresswoman Maxine Waters argue that the bill could lead to market instability by deregulating cryptocurrencies.
One way or another, the upcoming election promises to be a pivotal moment for the industry as the debate over cryptocurrency regulation continues.
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