US Senator Cynthia Lummis Explains How Crypto Regulation Could Impact Bitcoin and Ethereum

In a recent interview with Polish-American journalist Natalie Brunell, US Senator Cynthia Lummis shared her thoughts on the upcoming crypto regulations in the US.

According to a Press release published June 7, 2022, “U.S. Senators Kirsten Gillibrand (D-NY), member of the Senate Agriculture Committee, and Cynthia Lummis (R-WY), member of the Senate Banking Committee, introduced the Responsible Financial Innovation, landmark bipartisan legislation that will create a comprehensive regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency and strong consumer protection while integrating digital assets into existing legislation.

By a report Per The Daily Hodl, in a video posted to his YouTube channel on June 7, 2002, here’s what IOG co-founder and CEO Charles Hoskinson had to say about the Gillibrand-Lummis crypto bill:

Frankly, this is a huge step forward. This is an example of Washington actually listening to industry. And engaged with people. And it hasn’t skewed it to one crazy standard or another and some lobbyist hasn’t taken hold of it and turned it into a toxic monster that only benefits one actor over another…

Hopefully in the next 12-24 months, if we all work together, we can finally get something done and it will be done. We actually have a regulatory base that is non-intrusive and allows us to innovate as an industry.

Now, going back to the conversation Senator Lummis had with Brunell on September 28, The Daily Hodl reported that about Bitcoin, the Republican senator said:

Bitcoin will actually benefit from having some of the bad actors regulated, disclosed, and out of the limelight. Because for some people they don’t understand the difference between bitcoin and an altcoin.

And there are plenty of altcoins that are just plain scams. These are scams. Thus, they should be under the control and jurisdiction of the SEC. Because the SEC is really good at disclosure and consumer protection...

As soon as more bad actors can be weeded out, the better it looks for Bitcoin due to its complete decentralization and qualities that make it digital gold. So regulation is actually good for bitcoin because out of all cryptocurrencies, bitcoin is going to emerge as the gold standard.

As for Ethereum, she told Brunell:

While Ethereum has touted the benefits of being proof-of-stake – as opposed to proof-of-work, and that means it’s more environmentally friendly and people are starting to adopt it, I think there is very little understanding of how this may affect his more centralized approach.

One of the people who I think really understands this is Gary Gensler, who is the head of the SEC, and his voice on these issues is going to be important in this administration.

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