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Meet Washington’s ‘Crypto Queen:’ Sen. Cynthia Lummis

Senator Cynthia Lummis is known as the “Queen of Cryptography” at Capitol Hill.

A Wyoming Republican has earned a reputation as a cryptocurrency educator in Congress and explains and advocates technology in an easy-to-understand manner among her older colleagues.

She is a self-proclaimed HOD Ler and speaks cryptocurrencies for those who invest in Bitcoin as a way to break in before Bitcoin takes over a wider range of the financial system. In June, she, along with Democratic Senator Kirsten Gillibrand, submitted a bill to some of the first federal guardrails for a growing and largely unregulated world of decentralized finance.

“Some groups don’t want to be regulated. Some groups want to ban digital assets altogether,” a spokesman for Senator Lumis told insiders. “Not only to make sure that malicious people aren’t taking advantage of the lack of regulatory clarity, but also to enable innovators to continue developing new technologies that make our world a better place. We need to meet on the way. “

From Wyoming to Washington

Sen.Cynthia Lummis

Senator Lumis in 2008.

Douglas Graham / Roll Call / Getty Images

Senator Lumis (pronounced “hummus”) won a Wyoming seat at his home in the United States after serving as State Treasurer in his hometown of Wyoming from 1999 to 2007. After winning her 2016 presidential election, she served as Vice-Chair of the Presidential Transition Team for former President Donald Trump.

In 2020, 66-year-old Senator Lumis became the first woman to be elected Senator from Wyoming. That same year, she also became the first crypto owner in the Senate.

Senator Cynthia Lummis

Former Vice President Mike Pence and Senator Lumis at the January 2021 Mock Oath Ceremony.

Pete Malovich / Pool / AFP (Photo by Pete Malovich / Pool / AFP via Getty Images)

Lumis bought Bitcoin in 2013 and reported in October 2021 that it was somewhere between $ 50,000 and $ 100,000. But she told her protocol last week that she put her Bitcoin holdings into a blind trust after she was blowbacked that she owns digital assets.

But her passion for technology, and her enthusiasm for learning, puts her league ahead of many colleagues.

“I’m catching up. I need to help my colleagues in Congress catch up,” Senator Lumis said in October 2021.

So what does the bill do?

Cynthia Lummis

Senator Lumis.

Tom Williams / CQ-RollCall, Inc via Getty Images

A key element of the Responsible Financial Innovation Act is how to classify digital assets (commodities or securities) and which institutions need to regulate them.

It’s a question that has plagued the industry for a long time. Many companies have long been fooled by the idea that the Securities and Exchange Commission oversees digital assets, but many prefer to oversee the Commodity Futures Trading Commission instead.

The law partially agrees.

“Digital assets that meet the definition of commodities such as Bitcoin and Ether, which account for more than half of the market capitalization of digital assets, are regulated by the CFTC,” the bill said.

However, Senator Lumis says the SEC will still play an important role in alerting consumers to smaller cryptocurrencies that may be fraudulent.

“The general public needs consumer protection because these are assets that need to be disclosed and some of them are just frauds,” she told the protocol.

Is she the best person to write a bill?

Cynthia Lummis

Senator Lumis in 2021.

Kent Nishimura / Los Angeles Times, Getty Images

Given her influence in Congress and fanfare in the industry, some are skeptical of Senator Lumis’s embarrassing Procrypt enthusiasm.

“I wonder if she’s working on this bill in terms of what’s best for society, not what she wants to benefit the industry she’s closely tied to and invests directly in. I’m throwing “Government Oversight Project — told insiders. “It’s a classic conflict of interest, obvious and simple.”

But on the other hand, some consider her enthusiasm to be a policy-making asset.

“Senator Lumis’ interest in cryptocurrencies reflects many positions in the industry, and it is important that all parties participate in regulatory conversations,” said the director of regulatory and institutional issues at the Blockchain Intelligence Group. Kenneth Goodwin told the insider. .. “That said, the bill is substantive in its stance on how to specify crypto assets and enforce violations accordingly.”

Senator Lumis is all about the nickname given to her, the “Queen of the Code” in Congress.

“It makes her laugh,” a senator spokesman told insiders. “This community is very passionate.”


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