Senator Lummis Hints at a Growing Crypto Army in Congress

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Senator Cynthia Lummis has made a bold claim suggesting an ongoing revolution within the United States Congress. According to her, a pro-crypto army is rising in Congress following the earlier passing of the FIT21 act at the House of Representatives.

Lummis noted that the crypto industry has recently been recording back-to-back wins. She suggested that this has painted a positive outlook for the industry, making it even more attractive for Congress members who possibly did not in any way support crypto assets in the past.

In a May 23 X post, Lummis wrote that a pro-crypto army is currently underway in Congress. 

Her post immediately sparked a flurry of jubilant commentaries as users lauded the intensifying efforts of lawmakers across the board. Despite the recent strides, a small section of the crypto community still fears the fate of the FIT21 crypto bill in the Senate. However, a larger percentage remain keen on seeing more regulations that will curb the supposed excesses of the U.S. Securities and Exchange Commission (SEC).

Senator Cynthia Lummis Draws Inspiration from Two Crypto Wins

Notably, Sen. Cynthia Lummis’ crypto army comments appear to be directly linked to two major wins that digital assets recently recorded. Last week, the United States Senate overturned a Gary Gensler-led SEC’s SAB-21 proposal which threatened financial institutions seeking to become crypto custodians.

As if that wasn’t enough, a bipartisan effort by members of the House of Representatives earlier today also seems to have established regulatory clarity in the market. That is, as both Republican and Democratic lawmakers voted in favor of the FIT21 Act, passing the baton to the Senate.

The strong words of Senator Lummis echoed through her statement which reads in part:

“The passage of FIT 21 proves there is strong, bipartisan support in Congress for creating a regulatory framework for the crypto industry.”

Meanwhile, just as there is a Senator Lummis, Senator Elizabeth Warren and others like her remain anti-crypto. Warren has consistently reiterated her view that crypto is easily an instrument of terror financing and other illicit activities. For this reason, these so-called anti-crypto lawmakers continue to call for stringent regulations.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.