The Crypto Industry Can Trust Cynthia Lummis to Regulate Well

Senator has a proven track record on cryptocurrency and issues such as privacy rights. His proposal to regulate the industry is one crypto enthusiasts can embrace.

As the world waits to see the U.S. position on cryptocurrency regulation, crypto enthusiasts should keep one thing in mind: the industry can trust Senator Cynthia Lummis. His proposal with Senator Kirsten Gillibrand, on which we all expect action, is bipartisan in nature.

We are still awaiting final details, but things have slowed down as the November election approaches. US Securities and Exchange Commission Chairman Gary Gensler moved forward with a comment suggesting that the Commodity Futures Trading Commission will play a major role in overseeing Bitcoin (BTC), which in itself would require a move. of Congress.

However, we do know some things from it. In particular, Lummis has said in interviews that she welcomes industry feedback. This dialogue is critically important for this legislation to be drafted correctly.

“We designed [the crypto bill] to work within the usual framework of managing and regulating traditional assets,” Lummis said. "We'll put it in draft form for discussion, and you can spend 30 days to help us get this bill as good as possible before we table it."

Related: Sen. Lummis: My proposal with Senator Gillibrand allows the SEC to protect consumers

There is no doubt that the industry needs more guidance on how digital assets should be treated. Digital assets, including cryptocurrencies and stablecoins, deserve better oversight. Investors should be able to rely on them to follow the same regulatory routine as securities or commodities and be sure of the commission overseeing them. Right now, they're stuck in limbo,...