Pro-Bitcoin Senator Cynthia Lummis Leads Push for Stablecoin Regulation: A Look at the Bill and Its Impact
U.S. Senators Cynthia Lummis and Kirsten Gillibrand have been collaborating on a bill to regulate stablecoins. The bill’s focus is on ensuring stable prices and protecting investors.
As Axios reported on March 7, the bill is set for an imminent announcement, supported by positive feedback from stakeholders.
Multiple stakeholders, including the Treasury and the New York Department of Financial Services, have offered technical assistance to the Senate bill.
Lummis is widely regarded as a pro-Bitcoin lawmaker. The Senator has called for a deeper integration of the digital asset into the government’s daily workings. She’s also a HODLer who racked up a considerable amount of BTC in 2021.
Despite her Bitcoin support, however, the Senator has harbored reservations about stablecoins like Tether. She has led the call for the Department of Justice to consider filing criminal charges against Tether and Binance for their alleged connections to illicit financing.
This was made in the wake of the terrorist group Hamas’ attack on Israel. The Senator also does not support central bank digital currencies or CBDCs.
She’s taken a hard-core position on the state-controlled digital assets, tagging them as “anti-democratic” and “a means of financial censorship.”
1) The Fed cannot introduce a CBDC without congressional approval ✅
2) A CBDC is anti-democratic and a means of financial censorship
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