Republican Senator Cynthia Lummis is working on a law that would integrate digital assets in the United States’ financial system. The Wyoming lawmaker who has been advocating for cryptocurrency in Congress, announced that she was making final touches to the bill. She said that it is almost ready.
Lummis tweeted on March 9 that this has been a long time coming and it is almost ready. She is putting the final touches on some key advocates and partners in the Senate. Her tweet was met with applause, comments, suggestions, and critique. The senator commended the response and praised the strong collaboration as the administration reaches a consensus.
In regards to the executive order on digital assets. Lummis applauded the Biden administration’s growing interest in cryptocurrency and efforts to tackle money laundering and US’s national security. However, she believes the executive order overlooked the fact that the majority of digital asset users are law-abiding, and are trying to enhance and boost the country’s financial system better.
The senator highlighted the state of Wyoming booming with digital assets because of a “common sense” and “balanced regulatory framework”. Lummis believes there is a need for thoughtful rules around stable coins. In regards to central bank digital currency, she said the Federal Reserve is working on it.
Lummis added that whatever may be, Congress is ultimately the arbiter of these issues. The senator feels that lawmakers should step up conversations around cryptocurrency and work on real legislation.