Senator Cynthia Lummis, a Republican from Wyoming, is mobilizing a “pro-crypto army” within Congress.
This initiative mirrors former President Donald Trump’s recent declaration of building a “crypto army” ahead of the 2024 election.
Lummis and Gillibrand’s Legislative Efforts
On Thursday, Lummis tweeted: “We are building a pro-crypto army in Congress.” This announcement came shortly after the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21). This landmark bill aims to provide regulatory clarity and support innovation within the financial sector despite opposition from the White House and SEC Chairman Gary Gensler.
Senators Lummis and Kirsten Gillibrand have introduced legislation designed to balance financial innovation with consumer protections. Following the FIT21 vote, Lummis posted a picture with Bitcoin laser eyes, symbolizing the resurgence of pro-crypto sentiment in Congress.
“Senator Gillibrand and I have worked tirelessly to craft a crypto asset bill that provides commonsense solutions to unleash financial innovation without eroding consumer protections,” Lummis said.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Recently, both 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 crypto custodians. Lummis celebrated this as a significant win for financial innovation, seeing 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.
However, not all lawmakers share Lummis’ optimism. Senator Elizabeth Warren remains a staunch opponent of cryptocurrency, advocating for stringent regulations. She has raised concerns about crypto’s potential to facilitate illegal activities and called for robust consumer protections.
Read more: How To Donate Crypto Using The Giving Block
In addition, the FIT21 bill faces potential challenges in the Senate. Critics like Representative Maxine Waters argue that the bill could lead to market instability by deregulating crypto.
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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