In a recent interview with Yahoo Finance, Senator Cynthia Lummis expressed her disapproval of the Securities and Exchange Commission’s (SEC) intensified crackdown on the crypto industry throughout 2023. Lummis criticized the aggressive nature of the SEC’s actions, deeming it unnecessary and overreaching. She specifically opposed the SEC’s controversial new crypto policy, “Staff Accounting Bulletin 121,” which requires financial firms to hold customers’ crypto assets on their balance sheets while cautioning investors about the associated risks. Lummis pledged to block the policy from becoming binding, citing it as an example of SEC overreach that could harm consumers if a digital asset custodian were to collapse.Lummis also highlighted her efforts to bring more clarity to the crypto industry in Washington. She co-sponsored comprehensive crypto legislation with Senator Kirsten Gillibrand aimed at outlining regulatory frameworks for the sector. Lummis expressed hope that the legislation could pass in early 2024 and remains open to incorporating specific elements into other legislative packages. She emphasized the importance of combating illicit uses of cryptocurrency, such as its alleged ties to funding terrorist activities.Furthermore, Lummis expressed her support for the digital asset framework proposed by the House Financial Service Committee, led by Committee Chair Patrick McHenry. She believes that the small differences between the House and Senate versions, particularly regarding stablecoins, are resolvable, and she is optimistic about resolving the House’s renewed commitment to addressing the issue. Lummis has been working closely with McHenry to advance the stablecoin component of her bill and believes they can introduce legislation before the end of the year. She emphasized the urgent need for a clear regulatory framework in the industry to foster innovation and protect investors.As regulation remains a contentious topic, Senator Lummis’ pro-crypto stance, along with her collaboration with other lawmakers, aims to strike a balance between oversight and fostering a favorable environment for the industry. The crypto community eagerly awaits developments in Washington that could shape the future of this rapidly evolving sector.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Cynthia Lummis, Kirsten Gillibrand, Patrick McHenry |
| Companies | National Defense Authorization Act, Securities and Exchange Commission (SEC), Government Accountability Office, Congress, Senator Kirsten Gillibrand, House Financial Service Committee, Committee Chair Patrick McHenry, Bitcoinist |
| Currencies | None |
| Securities | None |
