Crypto is gaining traction among lawmakers in the United States, as Senator Cynthia Lummis recently announced that they are forming a pro-crypto army in Congress. This declaration came shortly after the House of Representatives passed the groundbreaking Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill, despite opposition from the White House and SEC Chairman Gary Gensler.
The support for cryptocurrency in the U.S. Congress is growing, and Senator Cynthia Lummis, who is known for her advocacy of bitcoin and cryptocurrencies, took to social media to express her enthusiasm. She stated, “We are building a pro-crypto army in Congress.”
This announcement followed a significant development in the House of Representatives, where the landmark FIT21 crypto bill was passed, despite strong opposition from the White House and SEC Chairman Gary Gensler.
Senator Lummis and Senator Kirsten Gillibrand have taken proactive measures by introducing a bill that aims to strike a balance between financial innovation and consumer protections. After the House’s approval of FIT21, Senator Lummis expressed optimism about America’s role in cryptocurrency. She stated that she and Senator Gillibrand “have worked tirelessly to craft a crypto asset bill that provides sensible solutions to unleash financial innovation while maintaining consumer protections.” Senator Lummis added, “I am encouraged by the House’s shared interest in positioning the U.S. to be a global leader in crypto.”
On the other hand, Senator Elizabeth Warren has publicly expressed her concerns about cryptocurrencies and positioned herself against their widespread adoption. In response to Warren’s anti-crypto stance, former President Donald Trump’s campaign has embraced cryptocurrency by accepting donations through Coinbase Commerce.
Recently, both the Senate and the House voted to overturn the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121). Senator Lummis celebrated this as a significant victory for financial innovation and a clear rejection of the way the Biden administration and SEC Chair Gensler “have persecuted crypto.” She emphasized that this is the first time Congress has passed standalone crypto legislation and indicated that further efforts are on the horizon.
What are your thoughts on the U.S. Congress building a pro-crypto army? Let us know in the comments section below.
