In a current interview with CNBC, Republican Senator Cynthia Lummis, a distinguished advocate for crypto belongings, mentioned the potential for important regulatory modifications following the upcoming US elections.
With just below two months till voters head to the polls, Lummis emphasised the necessity for a strong digital asset framework to assist the US financial system.
Lummis Urges Congress To Lead In Crypto Regulation
Whereas there was notable progress, together with the approval of crypto exchange-traded funds (ETFs) that make investments instantly in main cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), Lummis identified that the US nonetheless lags behind the European Union’s ineffective regulation.
The Senator highlighted that the EU started implementing its regulatory framework in January 2023. Lummis expressed concern that the US mustn’t have allowed different nations to take the lead in monetary providers.
Commenting on current statements made by Securities and Alternate Fee (SEC) Chair Gary Gensler earlier this week, through which he harassed the necessity for additional investor safety within the business, Lummis argued that the SEC’s present strategy – characterised by enforcement actions moderately than clear regulatory steerage – has hindered the expansion of the crypto business.
Lummis asserted that Congress ought to take the reins in regulating this sector, criticizing the SEC for claiming it possesses the required instruments whereas as an alternative pursuing courtroom instances towards alleged dangerous actors below the present Biden administration.
Lummis Questions Gensler’s Future At SEC
Concerning Gensler’s future on the SEC, Lummis famous that if former President Donald Trump had been to be reelected, he has indicated intentions to fireside Gensler instantly. Nevertheless, she was much less sure about Gensler’s destiny within the occasion of a Kamala Harris victory.
When discussing the prospect of a divided Congress—the place the Home may very well be Democratic and the Senate Republican—Lummis expressed optimism {that a} Republican-controlled Senate could be extra helpful for digital belongings.
The Senator highlighted that Tim Scott’s potential chairmanship of the Banking Committee would result in a stronger push for a statutory framework for digital belongings, contrasting this with the present management below Sherrod Brown.
This comes as Lummis has additionally been actively proposing laws to solidify the US place within the crypto house. On July 31, she launched a invoice to determine a “Strategic Bitcoin Reserve” program.
This initiative would direct the US Treasury to accumulate a million Bitcoins over 5 years, likening this system to the Strategic Petroleum Reserve. Lummis believes that such a considerable Bitcoin accumulation might reinforce the worth of the US greenback and play an important position in addressing the nationwide debt, which presently stands at $35 trillion.
On the time of writing, the biggest cryptocurrency in the marketplace has climbed to $66,000 for the primary time in over two months, following a considerable 12% rise in September.
Featured picture from DALL-E, chart from TradingView.com