Pro-Bitcoin Senator Cynthia Lummis Pushes for Early 2024 Crypto Regulation Bill
Wyoming Senator Cynthia Lummis is determined to see a crypto regulation bill passed in the US by early next year. In an interview with Yahoo Finance, Lummis expressed her concerns about the overreach of the US Securities and Exchange Commission (SEC) into the crypto industry, emphasizing the need for a clear regulatory framework.
Lummis plans to gather support for the bill from her Senate colleagues in the coming weeks. She is collaborating with Senator Kirsten Gillibrand on comprehensive legislation that outlines how digital assets should be regulated.
One of Lummis’ motivations for introducing crypto regulation is to prevent terrorist financing through cryptocurrencies, citing recent speculations about Hamas using digital assets to finance attacks in Israel.
The Senator also supports the ongoing efforts in the House Financial Service Committee led by Committee Chair Patrick McHenry and believes that either set of regulations would be acceptable.
Hot Take: Clear Crypto Regulation Needed to Prevent Misuse and Facilitate Growth
Senator Cynthia Lummis is advocating for the introduction of a crypto regulation bill in early 2024. She believes that clear regulations are necessary to prevent misuse of cryptocurrencies, such as terrorist financing, and to provide a framework for the industry’s growth. Lummis emphasizes that the US Securities and Exchange Commission has been overreaching its authority in crypto matters, highlighting the need for a balanced approach. By collaborating with Senator Kirsten Gillibrand and supporting ongoing efforts in the House Financial Service Committee, Lummis aims to gather bipartisan support and achieve consensus on effective crypto regulation. With a clear regulatory framework, the crypto industry can thrive while addressing concerns related to security and illicit activities.
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