Pro-Crypto Senator Appointed to US Banking Committee

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In Brief
  • Pro-crypto Senator Cynthia Lummis has been assigned to oversee the Senate Banking Committee.

  • Lummis has been quite vocal on her stance of crypto optimism.

  • Legislators now join the list of notable individuals endorsing cryptocurrencies.

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Pro-crypto politicians like Senator Cynthia Lummis are getting more opportunities to implement and influence regulations that will support the advancement of digital currencies.

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A vocal cryptocurrency advocate, Senator Lummis has been appointed to the U.S Senate Banking Committee. This development has been perceived amongst many in the industry as significant progress towards greater adoption of digital currencies.

A report from Wyoming News Now revealed that Sen. Lummis will be assigned to committees on banking, environment, and commerce. The banking committee plays a critical role in the decision-making process related to financial regulations. This same body was responsible for fronting hearings with Facebook’s Diem (formally Libra) in July of 2020.  

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Sen. Lummis already has previous exposure to the financial scene and policymaking. She was formerly Wyoming’s State Treasurer and has been a member of the U.S. House of Representatives.

A Sunny Crypto Horizon? 

Lummis hopes to create a friendly environment for virtual currencies through the implementation of favorable regulatory frameworks. In a Feb. 4 press briefing, she reaffirmed her good intentions towards innovative developments such as digital assets;

“Lastly, Wyoming has been leading the way on financial innovation over the last several years. Through my role on the Banking Committee, I hope to shine a light on many of these pioneering efforts and work with federal regulators to ensure that regulation of digital assets are structured to encourage innovation, instead of stifling it.”

The senator has always been vocal about her pro-crypto stance and even appeared in an interview with Bitcoin bull Anthony Pompliano on Feb. 1. Lummis added that she had the intention of creating an inner caucus to educate her colleagues on digital currencies. 

Additionally, her strong sentiments for Bitcoin have led to a long-term goal of putting the U.S. at the frontline of crypto adoption. Lummis believes that the frenzy growing around cryptocurrencies should not be taken lightly by the country. In the discussion, she described Bitcoin as a sound store of value that every individual should own.

Lummis remains adamant that policymakers strike a balance between regulating crypto and stifling innovation in the global economy.

Politicians seem to be on the ever-increasing list of notable persons adding credence to cryptocurrencies. Even Tesla CEO Elon Musk has been a major driving force in this endorsement. Musk even went as far as changing his Twitter bio to #bitcoin which caused the price of the digital currency to gain some traction. 

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Alo Kingsley is a content writer with 4+ years of experience in writing within the blockchain and cryptocurrency niche. He first discovered Bitcoin in 2016 and has been passionate since then about various ways Blockchain can help Africa and the world at large. He aims to give the crypto space a more geographically balanced narrative as it evolves.

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