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Crypto will play important role in US economy amid brewing elections: Sen Cynthia Lummis
US Senator Cynthia Lummis says crypto assets will become an important part of the country’s economy unless there is a failure in market capitalization. Senator Cynthia Lummis and others have been advocating for pro-crypto legislation to spur growth in the sector. The upcoming US presidential election has shaped the pro-crypto narrative in recent times, with new bills advancing in Congress. This has sparked renewed optimism about the progress that will occur in the future.
Sen Cynthia Lummis reports on efforts in the Senate
The pro-crypto senator noted recent developments in Congress, emphasizing user education, among others. According to Lummis, pro-industry lawmakers have enlightened colleagues over the years and are now reaping the rewards.
“When I arrived in the US Senate, no one knew anything about digital assets, no one knew the difference between Bitcoin (BTC) and alternative currencies. Therefore, we work hard to educate Senate members.”
When I arrived in the US Senate, no one knew anything about crypto assets.
Nobody knew the difference between Bitcoin and other crypto assets.
We have worked hard to educate Washington and we are now seeing the fruits of that labor. pic.twitter.com/lHUVrMTrq2
– Senator Cynthia Lummis (@SenLummis) May 29, 2024
Sen Cynthia Lummis, Sen Gillibrand and others created a financial innovation group and a financial framework for managing the sector. Additionally, she explained Bitcoin’s use as a store of value and medium of exchange that drives its adoption among new users. In recent years, global Bitcoin adoption has increased with factors such as inflation driving the increase. Users appealed
Bitcoin as a hedge against inflation and a store of value.
Senator Cynthia Lummis also pointed out the clarification surrounding Ethereum as a blockchain that can integrate multiple applications.
Recent US Crypto Wins
US Crypto Market Is Big Winner This Month After Spot Approval Ethereum ETF by the Securities and Exchange Commission (SEC). Pro-crypto bills have also made significant progress, pointing to an improved regulatory environment and bipartisan cooperation regarding crypto.
The House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with some Democrats crossing party lines to vote in favor of the bill. Similarly, the US Senate voted to repeal Gary Gensler’s Staff Accounting Bulletin No 121 (SAB 121), which makes it difficult for banks to become crypto custodians.
Read too: Shibarium TVL Soars 17% Amid Accelerated BONE Token To Ethereum Transfers
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Keeping up to date with trends, David has reported on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.