‘We Are Building A Crypto Army in Congress’- Sen Cynthia Lummis
Highlights
- Sen Cynthia Lummis stated the rise of a pro-crypto army in Congress.
- This comes after two major bipartisan votes in Congress.
- Crypto users remain delighted as lawmakers back the industry.
United States Sen Cynthia Lummis has restated the growing support for crypto assets in Congress following recent wins marked by the industry. In a May 23 post on X (formerly Twitter), the pro-crypto legislator wrote that a pro-industry army is in the works in Congress.
“We are building a pro-crypto army in Congress.”
We are building a pro-crypto army in Congress.
— Senator Cynthia Lummis (@SenLummis) May 23, 2024
This has sparked a social media frenzy around crypto spaces as users laud the wider efforts of lawmakers. The community still awaits more regulations to prevent excess lawsuits between crypto firms and the Securities and Exchange Commission (SEC). Although the market is optimistic based on the recent turnaround of some lawmakers, skeptics fear the fate of the FIT21 crypto bill in the Senate.
Sen Cynthia Lummis Hails Two Crypto Wins
Sen Cynthia Lummis’s comments come on the back of two major wins for digital assets. Last week, the United States Senate overturned the Gary Gensler-led SEC’s SAB 21 which imposes harsh rules on financial institutions seeking to become crypto custodians.
In her reaction, Senator Lummis posted a picture with Bitcoin laser eyes with the caption “We are so back.” Again the move ignited the belief that lawmakers are now turning towards friendlier policies. This week, the majority of the House of Representatives voted to establish regulatory clarity in the market. Both Republican and Democratic lawmakers voted in favor of FIT21 legislation.
Although the bill faces potential backlash in the Senate, it underscores the change in the status quo. The passage of FIT 21 proves there is strong, bipartisan support in Congress for creating a regulatory framework for the crypto industry,” Sen Lummis added.
Anti-Crypto Lawmakers Might Delay Rules
Unlike Sen Lummis, Sen Warren and others have actively criticized crypto calling for stringent regulations. According to Warren, crypto use in financing terror and other illegal financial activities remains high restating efforts to protect consumers.
Other lawmakers have voiced concerns over FIT21. Rep Maxine Waters termed it the most harmful proposal seen in a long time as it will deregulate crypto which can lead to a market crash.
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