US Senator Cynthia Lummis on How Crypto Regulation Could Impact Bitcoin and Ethereum

US Senator Cynthia Lummis on How Crypto Regulation Could Impact Bitcoin and Ethereum

In a recent interview with Polish-American journalist Natalie Brunell, U.S. Senator Cynthia Lummis shared her thoughts on upcoming crypto regulation in the U.S.

According to a press release issued on 7 June 2022, “U.S. Senators Kirsten Gillibrand (D-NY), member of the Senate Agriculture Committee, and Cynthia Lummis (R-WY), member of the Senate Banking Committee, introduced the Responsible Financial Innovation Act, landmark bipartisan legislation that will create a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency and robust consumer protections while integrating digital assets into existing law.”

Per a report by The Daily Hodl, in a video released on his YouTube channel on 7 June 2002, here is what IOG Co-Founder and CEO Charles Hoskinson had to say about the Gillibrand-Lummis crypto bill:

Frankly this is a massive step forward. It’s an example of where Washington actually did listen to the industry. And engaged with people. And it didn’t bias it towards one crazy standard or another and a lobbyist hasn’t gotten hold of it and turned it into some toxic monster that only benefits one actor over another…

My hope is over 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 foundation of regulation that’s not intrusive and allows us to innovate as an industry.

Now, coming back to the conversation Senator Lummis had with Brunell on September 28, The Daily Hodl reported that with regard to Bitcoin the Republican Senator said:

Bitcoin will actually benefit by having some of the bad actors regulated, disclosed and out of the scene. Because for some people they don’t understand the difference between Bitcoin and an altcoin.

And there are a lot of altcoins that are just fraudulent. They are scams. So, they should be under the control and jurisdiction of the SEC. Because the SEC really is good at disclosure and consumer protection...

As soon as more of the bad actors can be dismissed, the better it looks for Bitcoin because of its complete decentralization and the qualities 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 touted the advantages of being a proof-of stake-as opposed to proof-of-work, and that means it’s environmentally more friendly and people begin to embrace it, I think that there’s very little understanding of how that can affect its more centralized approach.

One of the people who I think really understands that is Gary Gensler, who’s the head of the SEC, and his voice on these issues is going to be important within this administration.

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Featured Image via Pixabay

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