US Senator Cynthia Lummis on how crypto regulation could affect Bitcoin and Ethereum
In a recent interview with Polish-American journalist Natalie Brunell, US Senator Cynthia Lummis shared her thoughts on upcoming crypto regulation in the US
According to a press release issued on June 7, 2022, US Senators Kirsten Gillibrand (D-NY), a member of the Senate Agriculture Committee, and Cynthia Lummis (R-WY), a member of the Senate Banking Committee, introduced the Responsible Financial Innovation Act, landmark bipartisan legislation that would create a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency and robust consumer protection while integrating digital assets into existing law.”
According to a report by The Daily Hodl, in a video released on his YouTube channel on June 7, 2002, this is what IOG co-founder and CEO Charles Hoskinson had to say about the Gillibrand-Lummis crypto bill:
“Frankly, this is a big step forward. It’s an example of where Washington actually listened to industry. And engaged with people. And it didn’t contribute to one crazy standard or another, and a lobbyist hasn’t gotten hold of it and turned it into a toxic monster that only benefits one actor over another….
“My hope is in the next 12-24 months if we all work together, we can finally get something passed and then it’s done. We actually have a regulatory basis that is not intrusive and allows us to innovate as an industry.“
Now, returning to the conversation Senator Lummis had with Brunell on September 28th, The Daily Hodl reported that regarding Bitcoin, the Republican senator said:
“Bitcoin will actually benefit from getting some of the bad actors regulated, exposed and out of the picture. Because for some people they don’t understand the difference between Bitcoin and an altcoin.
“And there are many altcoins that are just fraudulent. They are scams. So they should be under the control and jurisdiction of the SEC. Because the SEC is really good at disclosure and consumer protection...
“As soon as more of the bad actors can be weeded out, the better things look for Bitcoin due to its complete decentralization and the properties that make it digital gold. So regulation is actually good for Bitcoin because, among all the cryptocurrencies, Bitcoin is going to emerge as the gold standard.“
As for Ethereum, she told Brunell:
“While Ethereum has been touting the benefits of being proof of stake – as opposed to proof of work, and that means it’s more environmentally friendly and people are starting to embrace it, I think there’s very little understanding of how it could affect more centralized approach.
“One of the people that I think really understands that is Gary Gensler, who is the head of the SEC, and his voice on these issues is going to be important in this administration.“
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