A recent statement made by Senator Cynthia Lummis suggests that the crypto market could have a significant impact on the US economy if opportunities are not missed.
Lummis, known for her support of pro-crypto legislation, sees recent successes in Congress as a positive sign for the future of the industry. She has been actively working to educate her colleagues about digital assets, as she mentioned in a social media post on May 29.
Working alongside other lawmakers such as Senator Kirsten Gillibrand, Lummis has helped establish a financial innovation caucus and a framework for managing the crypto sector. She pointed out Bitcoin’s role as a store of value and a medium of exchange, which has led to its increased adoption worldwide, especially in response to factors like inflation.
Lummis also highlighted the growing awareness of Ethereum, noting its potential to support a wide range of applications. Recent developments in the US crypto market include the approval of spot Bitcoin and Ethereum ETFs by the SEC, as well as the progress of several pro-crypto bills in Congress, signaling a more supportive regulatory environment and bipartisan collaboration.
One notable legislative victory is the House of Representatives’ passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), with some Democrats breaking party lines to support it. The Senate also voted to overturn Gary Gensler’s Staff Accounting Bulletin No. 121 (SAB 121), easing the path for banks to offer crypto custody services.
With the upcoming US Presidential elections on the horizon, the conversation around crypto is evolving, with expectations high for further advancements and the integration of digital assets into the economy.
