Senator Lummis Fights for Crypto Regulation, Promises More Positive Changes Ahead
US Senator Cynthia Lummis, a staunch advocate for positive crypto regulation, has reassured her followers that the fight is not over yet. The Republican senator from Wyoming took to Twitter to express her dedication to developing a regulatory framework for digital assets in America. She celebrated the recent victory of removing a proposed 30% tax on crypto mining from the US debt ceiling bill but emphasized that there is still work to be done.
Lummis, along with New York Democrat Kirsten Gillibrand, is co-sponsoring the Responsible Financial Innovation Act, which aims to provide clarity on the classification of digital assets and impose regulations on stablecoin issuers. However, the proposed legislation comes at a time when regulators and crypto firms in the US are experiencing increasing tensions.
Lummis criticized the Securities and Exchange Commission’s recent lawsuits against Coinbase and Binance, arguing that Congress needs to pass the Lummis-Gillibrand act to establish a robust legal framework that businesses can comply with. As pressure mounts on Congress to regulate the crypto industry, Lummis promises to keep pushing for progress and updates on the regulatory framework.
While the bill’s initial announcement was made in March 2022, Lummis has indicated that a new, streamlined version will address feedback from regulators and the industry. With crypto companies urging lawmakers for regulation and some considering relocating to other countries, the need for clear guidelines on digital assets becomes increasingly evident.
Clever Robot News Desk 13th June 2023
