Senator
Cynthia
Lummis
recently
said
the
crypto
market
will
play
a
significant
role
in
the
US
economy
unless
the
opportunity
is
squandered.
Lummis,
a
vocal
advocate
for
pro-crypto
legislation,
believes
that
recent
victories
in
Congress
signal
a
promising
future
for
the
sector.
In
recent
years,
pro-crypto
lawmakers
like
Lummis
have
worked
tirelessly
to
educate
their
colleagues
about
digital
assets.
She
said
in
a
social
media
post
on
May
29:
“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,
alongside
Senator
Kirsten
Gillibrand
and
others,
has
established
a
financial
innovation
caucus
and
a
framework
for
managing
the
crypto
sector.
She
emphasized
Bitcoin’s
role
as
a
store
of
value
and
a
means
of
exchange,
which
has
contributed
to
its
growing
adoption
globally.
Factors
such
as
inflation
have
driven
users
to
Bitcoin
as
a
hedge
and
a
store
of
value.
Lummis
also
highlighted
the
increasing
awareness
around
Ethereum,
which
she
described
as
a
blockchain
capable
of
supporting
numerous
applications.
The
US
crypto
market
has
made
significant
progress
recently,
including
the
SEC’s
approval
of
spot
Bitcoin
and
Ethereum
ETFs.
Additionally,
multiple
pro-crypto
bills
have
also
advanced
in
recent
weeks,
indicating
a
more
favorable
regulatory
environment
and
bipartisan
cooperation.
One
notable
legislative
success
is
the
House
of
Representatives’
approval
of
the
Financial
Innovation
and
Technology
for
the
21st
Century
Act
(FIT21),
which
saw
some
Democrats
cross
party
lines
in
support.
Additionally,
the
Senate
voted
to
overturn
Gary
Gensler’s
Staff
Accounting
Bulletin
No.
121
(SAB
121),
easing
the
path
for
banks
to
become
crypto
custodians.
As
the
upcoming
US
Presidential
elections
draw
near,
the
narrative
around
crypto
continues
to
evolve,
with
optimism
high
for
further
progress
and
integration
of
digital
assets
into
the
economy.
Mentioned
in
this
article
Go to Source
Author: Assad Jafri
