Senator Cynthia Lummis said recently that the crypto market would play an important role in the US economic if the opportunity was not squandered.
Lummis is a strong advocate of crypto legislation and believes recent wins in Congress indicate a bright future for this sector.
Lummis, a crypto advocate legislator from the United States has worked hard to teach their colleagues what digital assets are. In a post she made on social media, Lummis said:
“When I came to the US Senate, nobody knew anything about digital assets, no one knew the difference between Bitcoin (BTC) and alternative coins. So we’ve worked hard to educate members of the Senate.”
Lummis and Senator Kirsten Gillianbrand have established an financial A framework to manage the crypto industry and an innovation caucus.
She highlighted Bitcoin’s dual role of a medium of exchange and store of value, both of which have contributed to the global adoption of Bitcoin. Inflation and other factors have led users to use Bitcoin as an investment.
Lummis cited the increased awareness about Ethereum. This blockchain, she said, is capable of supporting a wide range of applications.
Recent developments in the US crypto industry have been significant, with SEC approval for spot Bitcoin and Ethereum exchange-traded funds. Multiple pro-crypto legislations have advanced over the past few weeks as well, showing a bipartisan regulatory climate.
The Financial Innovation and Technology for the 21st Century Act, (FIT21), was approved by the House of Representatives. Some Democrats crossed party lines to support this act.
Also, the Senate has voted against Gary Gensler’s Staff Accounting Bulletin No. The Senate voted to overturn Gary Gensler’s Staff Accounting Bulletin No.
Crypto continues to be a hot topic as we approach the US Presidential Elections. In fact, there is a growing optimism about the potential of crypto and its integration into the economic system.
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Source: cryptoslate.com