Crypto To Play Important Role In US Economy Amid Brewing Elections: Sen Cynthia Lummis

United States Sen Cynthia Lummis says crypto assets will become an important part of the country’s economy unless there is a failure to capitalize on the market. Sen Cynthia Lummis and others have been vocal for pro-crypto legislation to spur growth within the sector. The upcoming U.S. Presidential elections have shaped the narrative in favor of crypto in recent times with new bills making progress in Congress. This has sparked renewed optimism for progress to come in the future.

Sen Cynthia Lummis Recounts Efforts in Senate 

The pro-crypto Senator noted recent developments in Congress stressing user education among others. According to Lummis, pro-industry lawmakers enlightened colleagues over the years and are now reaping the fruits.

“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.”

When I came to the U.S. Senate nobody knew anything about crypto assets.

Nobody knew the difference between Bitcoin and other crypto assets.

We have worked hard to educate Washington and are now seeing the fruits of those labors. 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 the management of the sector. Furthermore, she explained Bitcoin’s use as a store of value and a means of exchange which drives its adoption among new users. In the past years, global adoption of Bitcoin has risen with factors like inflation driving the surge. Users have turned to Bitcoin as a hedge against inflation and a store of value.

Senator Cynthia Lummis also pointed to enlightenment around Ethereum as a blockchain that can onboard several applications. 

Recent U.S. Crypto Wins

The United States crypto market are big winner this month following the approval of spot Ethereum ETFs by the Securities and Exchange Commission (SEC). Pro-crypto bills also made significant progress pointing to an improved regulatory environment and bipartisan cooperation towards crypto.

The House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21) with some Democrats crossing party lines to vote for the bill. Similarly, for US Senate voted to overturn Gary Gensler’s Staff Accounting Bulletin No 121 (SAB 121) which makes it difficult for banks to become crypto custodians.

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