Crypto News
Senator Lummis forecasts that cryptocurrency will greatly influence the United States economy following the elections.
May
Senator Cynthia Lummis predicts that the cryptocurrency market will have a significant impact on the United States economy.
Senator Cynthia Lummis emphasized the significance of the cryptocurrency market on the American economy, stressing the need to not waste this chance.
Lummis, a vocal supporter of pro-cryptocurrency laws, views recent successes in Congress as a promising indication of the industry’s future.
On May 29, Lummis took to social media to inform fellow legislators about digital currencies.
“When I first arrived at the US Senate, there was a lack of knowledge about digital assets. Many individuals were unfamiliar with the distinctions between Bitcoin (BTC) and other alternative coins. As a result, we made concerted efforts to inform and educate Senate members.”
Lummis has collaborated with Senator Kirsten Gillibrand and other individuals to form a financial innovation caucus and a structure for overseeing the cryptocurrency industry.
She highlighted Bitcoin’s role as a store of value and a means of exchange, noting its increasing global adoption as users seek a hedge against inflation.
Lummis also highlighted the increasing recognition of Ethereum, referring to it as a versatile blockchain that can support a wide range of applications.
Recently, the crypto market in the US has made major progress. The SEC has approved spot Bitcoin and Ethereum ETFs. Moreover, there has been progress on multiple pro-crypto bills, suggesting a more positive regulatory climate and bipartisan collaboration.
Important accomplishments in passing laws include the House of Representatives agreeing on the FIT21 Act, which promotes financial innovation and technology in the 21st century with support from both political parties. The Senate also ruled against Gary Gensler’s SAB 121, making it more feasible for banks to provide cryptocurrency custodial services.
With the upcoming US Presidential elections, there is a positive outlook for continued advancements and incorporation of digital assets in the economy.