Senator Cynthia Lummis on Cryptocurrency Regulation
In a significant shift towards embracing cryptocurrency, Senator Cynthia Lummis of Wyoming has claimed that the United States may finally be making strides in its crypto regulatory framework, ending a prolonged period of stagnation compared to other nations. Speaking on the recent episode of “Decentralize with Cointelegraph,” Lummis highlighted what she described as crucial developments during last week’s “Crypto Week” in Congress, marking a pivotal moment for the nation’s approach to digital assets.
Key Legislative Achievements
Lummis pointed out two key legislative achievements: the passage of the GENIUS Act, which permits the use of payment stablecoins and has now been signed into law by President Trump, and the forthcoming consideration of the CLARITY Act by the Senate. This progress is monumental; according to Lummis, efforts to craft these regulations have been in the works for four years, involving substantial revisions and stakeholder feedback to ensure a balanced approach.
Bipartisan Support and Legislative Process
Emphasizing the bipartisan support that these initiatives have garnered, Lummis stated,
“We’ve been doing a lot of listening and adapting our proposals, which has facilitated a solid consensus among lawmakers.”
She stressed that reaching across the aisle was essential to keep the legislative process moving forward.
Defining Ancillary Assets and AI Regulation
An important aspect of the Senate bill that she co-authored is the focus on defining “ancillary assets,” which is crucial for differentiating between what constitutes a security and what can be classified as a commodity. In addition to crypto legislation, Lummis also introduced the RISE Act, aimed at regulating artificial intelligence (AI). She explained how AI’s intersection with the digital assets space necessitates comprehensive guidelines on professional accountability and liability.
“If AI is involved in generating any information, there must be a responsibility for professionals to ensure its accuracy,”
Lummis asserted, underlining the urgency of clear ethical standards amidst technological advancements.
Message to the Crypto Community
Addressing the crypto community directly, the senator urged innovators who might feel disheartened by the slow pace of legislative change in the US not to give up hope.
“We’re waking up to the potential of digital assets, and President Trump has committed to establishing the US as the global leader in this field. Support is on the way, and so are critical regulations and guidelines to navigate this landscape.”
For further insights and a full discussion on these topics, listeners can tune into Cointelegraph’s podcasts, available on various platforms including Apple Podcasts and Spotify.
