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Senator Lummis says crypto will play important role in US economy post-elections
Lummis, a vocal advocate for pro-crypto legislation, believes that recent victories in Congress signal a promising future for the sector.
2 min read
Updated: Jul. 10, 2024 at 12:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Senator Cynthia Lummis recently said the crypto market will play a significant role in the US economy unless the opportunity is squandered.
Lummis, a vocal advocate for pro-crypto legislation, believes that recent victories in Congress signal a promising future for the sector.
In recent years, pro-crypto lawmakers like Lummis have worked tirelessly to educate their colleagues about digital assets. She said in a social media post on May 29:
“When I came to the US Senate, nobody knew anything about digital assets, no one knew the difference between Bitcoin (BTC) and alternative coins. So we’ve worked hard to educate members of the Senate.”
Lummis, alongside Senator Kirsten Gillibrand and others, has established a financial innovation caucus and a framework for managing the crypto sector.
She emphasized Bitcoin’s role as a store of value and a means of exchange, which has contributed to its growing adoption globally. Factors such as inflation have driven users to Bitcoin as a hedge and a store of value.
Lummis also highlighted the increasing awareness around Ethereum, which she described as a blockchain capable of supporting numerous applications.
The US crypto market has made significant progress recently, including the SEC’s approval of spot Bitcoin and Ethereum ETFs. Additionally, multiple pro-crypto bills have also advanced in recent weeks, indicating a more favorable regulatory environment and bipartisan cooperation.
One notable legislative success is the House of Representatives’ approval of the Financial Innovation and Technology for the 21st Century Act (FIT21), which saw some Democrats cross party lines in support.
Additionally, the Senate voted to overturn Gary Gensler’s Staff Accounting Bulletin No. 121 (SAB 121), easing the path for banks to become crypto custodians.
As the upcoming US Presidential elections draw near, the narrative around crypto continues to evolve, with optimism high for further progress and integration of digital assets into the economy.
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Cynthia Lummis, known for her pro-crypto views, is a United States Senator from the great State of Wyoming.