Bitcoin An ‘Important Part’ Of Our Economy, US Senator Says


The
potential
of
the
cryptocurrency
industry
to
boost
the
US
economy
has
been
recently
noted
by
US
Senator
Cynthia
Lummis,
who
also
emphasized
the
significance
of
seizing
and
utilizing
these
new
opportunities.


Senator
Lummis’
Crypto
Advocacy

In
collaboration
with
Senator
Kirsten
Gillibrand
and
other
colleagues,
Lummis
has
played
a
key
role
in
forming
a
financial
innovation
caucus
and
developing
a
regulatory
framework
for
the
rapidly
expanding
crypto
sector.

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Lummis
has
been
a
proponent
of
cryptocurrencies
for
a
long
time
and
has
often
informed
Congress
on
the
importance
of
digital
currencies.

She
highlighted
Bitcoin’s
utility
both
as
an
investment
and
a
payment
method,
noting
its
increasing
acceptance,
particularly
in
the
face
of
global
inflation
concerns.

Reflecting
on
her
time
in
the
Senate,
Lummis
remarked
on
the
progress
made
in
understanding
digital
assets
since
she
arrived.
Initially,
many
Senate
members
lacked
a
clear
understanding
of
digital
assets,
and
Lummis
has
worked
diligently
to
educate
them
about
the
distinctions
between
Bitcoin
and
other
cryptocurrencies.


Bitcoin
Amid
Political
Shifts

There
are
positive
indicators
that
the
economy
may
integrate
digital
assets
more
deeply
as
the
US
presidential
elections
loom.
But
the
story
around
cryptocurrencies
is
still
developing,
and
not
everyone
in
the
community
shares
this
upbeat
view.

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Bitcoin
is
now
trading
at
$68,357.
Chart:

TradingView

Samson
Mow,
a
prominent
advocate
for
Bitcoin,
has
expressed
concerns
regarding
potential
government
intervention
in
the
industry.
Mow
warns
that
political
interference
could
harm
Bitcoin
if
it
strays
from
its
core
values,
despite
efforts
to
seek
legal
clarity.

Without
unwavering
adherence
to
these
ideals,
he
contends,
political
involvement
could
give
rise
to
problems
resembling
the
crashes
of
FTX
and
other
large
exchanges,
which
would
result
in
substantial
money
losses.

Mow
clarified
that
his
remarks
weren’t
aimed
at
disparaging
influential
pro-crypto
figures
such
as
Lummis,
whom
he
commended
for
her
outstanding
work
encouraging
the
widespread
use
of
cryptocurrencies
inside
stringent
legal
systems.


Advancements
In
US
Crypto
Regulations

Meanwhile,
with
the
SEC’s
approval
of
Bitcoin
and
Ethereum
spot
ETFs
and
the
advancement
of
other
pro-crypto
laws,
the
US
digital
currency
ecosystem
has
advanced
significantly,
demonstrating
better
regulatory
conditions
and
support
from
both
parties.

FreeBitcoin Banner  

The
Financial
Innovation
and
Technology
for
the

21st
Century
Act
(FIT21)
was
enacted
by
the
House
of
Representatives
with
backing
from
each
side.
The
financial
institutions’
capacity
to
serve
as
cryptocurrency
custodians
has
been
made
easier
by
the
Senate’s
vote
to
reverse
SEC
chairman
Gary
Gensler’s
Staff
Accounting
Bulletin
No.
121
(SAB
121).


Featured
image
from
Shutterstock,
chart
from
TradingView

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Author: Christian Encila


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