Senator Lummis Advocates for Clear Crypto Regulations

blockchain.news:

U.S. Senator Cynthia Lummis (R-WY) has recently reaffirmed her support for the cryptocurrency industry, underscoring that the primary issue lies with bad actors, not the assets themselves. This stance was highlighted during a heated exchange with Senator Elizabeth Warren over the financial implications of cryptocurrencies compared to traditional fiat currencies​​​​. She stated,

$900 million in non-crypto (fiat currency) money laundering vs $900,000 in crypto money laundering. Crypto is clearly not the problem. Criminals and bad actors are. It would be a historic mistake to crush an entire emerging industry based on incorrect data.

Senator Lummis, a known advocate for the crypto sector, emphasized the necessity of distinguishing between the innovative potential of crypto assets and the illicit activities conducted by some within the space. In a recent Senate Committee on Banking, Housing, and Urban Affairs hearing, she passionately argued for the establishment of a robust regulatory framework, criticizing the prevailing “status quo” that leaves businesses with unclear rules and consumers vulnerable​​​​.

The Lummis-Gillibrand Responsible Financial Innovation Act, reintroduced by Senator Lummis, aims to provide a comprehensive regulatory perimeter for crypto assets. This legislation focuses on combating the use of cryptocurrencies in illegal activities, introducing new penalties for violations, and safeguarding against the misuse of crypto for illicit purposes​​.

In her statement, Senator Lummis highlighted a significant disparity in money laundering activities, citing that traditional fiat currencies have been used to launder over $900 million, far exceeding the $900,000 linked to cryptocurrencies. This comparison was