Sen. Cynthia Crypto Queen Lummis Weak laws are driving business overseas

Sen. Cynthia “Crypto Queen” Lummis

Crypto Queen – When did you first begin to consider cryptocurrency? You probably arrived at the party later than Senator Cynthia Lummis, a Wyoming Republican who bought her first bitcoin back in 2013. “I wish I would have purchased a hundred,” she adds now. “Instead, I believe I purchased three,”
An April speaker at CoinDesk’s Consensus event is Senator Cynthia Lummis (R-WY).

She has earned the moniker “Crypto Queen” of the Senate in part because of this. Another is that she collaborated with New York senator and Democrat Kirsten Gillibrand last year to draught the bipartisan “Responsible Financial Innovation Act,” which aims to establish a regulatory framework for the sector.

Then followed FTX’s collapse, the decline in cryptocurrency values, and the icy winter of the cryptocurrency market. The barrage of unfavorable news had a noticeable effect. Crypto Queen FTX and other failures had a “chilling effect” on Lawmakers’ desire to craft legislation, according to Lummis, but she is still optimistic that they will pass legislation.

Sen. Cynthia Crypto Queen Lummis Weak laws are driving business overseas
Sen. Cynthia Crypto Queen Lummis Weak laws are driving business overseas

In particular, Lummis intends to introduce a revised and better measure as early as April, which she described as both “lighter and meatier” (again with Senator Gillibrand). The revised measure would offer more “statutory wording,” as opposed to the original bill’s few studies.

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Will it function? Does it stand a chance of becoming law? In an exclusive Zoom conversation with CoinDesk, Lummis discusses her interest in cryptocurrencies, the urgent need for regulation, and some intriguing hints about what the law may look like. What qualifies as a security or a commodity? is a trillion-dollar question that has to be answered. Does she believe the law will be passed? On a scale of 1 to 10, we directly ask the senator how probable it is that a bill will be signed into law. (Her response could shock you.)

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