Senator Cynthia Lummis: “Digital assets ARE the future. We either embrace them, or we lose”
US senator Cynthia Lummis expressed her views on digital possessions, saying they were the future and the US had to embrace them or fall. US secretary of US Treasury Scott Bessent also mentioned on Wednesday that he believes the US should be a major destination for digital ownership.
Bummis din mentioned In late February that the US could pave the way for digital ownership or fall. He made comments as he was looking for clarification from the SEC to digital assets ETP staking restrictions to make the managers compete in the global market. Lummis and other senators Argued That the lack of presence of protocol staking for crypto providers affects the potential investment of digital ETP assets in the US
Senator Cynthia Lummis Advocates for the US to embrace crypto
Digital assets are the future. We hug them, or we lose. Nothing is between.
– Senator Cynthia Lummis (@senlummis) May 8, 2025
US senator Cynthia Lummis said on Thursday that digital assets are the future of the financial industry. He also urged the US to embrace cryptocurrencies or lose them because they were not in the middle.
The US senator was also named the first chairman of the Senate Banking Subcomm Committee at Digital Assets on January 23, 2025. Lummis highlighted that cryptocurrencies are the future and Congress is required to insist on passing Bipartisan law that establishes a comprehensive ligal framework global leader in modern financial.
The Senate Banking Subcomm Committee in Digital Assets is also Duty In conducting stable administration of federal crypto regulations to ensure that agencies comply with the law, including ensuring Operation Chokepoint 2.0 will never happen again.
Lummis also advocates for the Genius Act to be done, and he believes the US needs the bill, which will establish first-of-its-kind law leading a possible major vote here on Thursday. The Senate Banking Committee advanced to the Genius Act In March with the Bipartisan backlash.
The senator for wyoming Argued That the bill requires all those who provide stablecoin, even foreign -based, to freeze and recover coins when ordered by US authorities. He also said the bill would create a level of playing play between banking and commerce. Lummis added that the Genius Act will ensure stablecoins are always supported by 1: 1, which he believes to prevent strengthening running through an appropriate regulatory framework.
The government official has acknowledged that the bill has made it clear that ethical laws apply to members of Congress and senior executives in government. His comments came to the hope of non-democratic support amid concerns about President Trump and his family's business adventures involving digital properties.
Democratic Senator Elizabeth Warren of Massachusetts noted that Stablecoin's bill was unnoticed against corruption, as well as protecting consumers, financial systems, and national security.
Treasury's bessent said the US should be primarily destination for crypto
Treasury Secretary Scott Bessent to the House Financial Services Committee on May 7 that the Trump administration wanted the digital asset industry to come to the US and play a global role in the leadership of the sector.
“We believe that the United States should be a major destination for digital possessions. And as members of this committee, and the Senate attempts to create a good market structure around the United States's best practices are used worldwide.”
~ Scott Bessent, The US secretary of the US.
Bessent believes that the administration's efforts to promote clear regulations for digital assets will contribute to that goal.
When asked about the effects if the US did not take a role in the leadership of crypto regulating, Bessent referred to the previous administration. He noted that an unregulated and renegade ecosystem emerged outside the US, where illicit actors abused the value of transfer systems, leading to a loss of technology.
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