– Senator Lummis defends cryptocurrencies, calling for stricter regulation of unscrupulous players.
U.S. Senator Cynthia Lummis has come out in defense of crypto-assets, saying the real problem is not the assets themselves, but bad players in the industry. She wants federal investigators to focus on these unscrupulous players.
Lummis, a supporter of cryptocurrencies, believes that a strong regulatory framework is needed to prevent abuse of crypto assets by unscrupulous players. She emphasized this at a Senate committee hearing, calling for clear rules for cryptocurrency businesses.
This year, Lummis introduced the Lummis-Gillibrand bill. The bill aims to properly regulate the crypto industry by making it harder for unscrupulous players to operate and easier for relevant exchanges to operate in the US.
Lummis and Congresswoman French Hill sent a letter to the Department of Justice asking it to crack down on platforms that allow illegal activities. She also argued with Senator Elizabeth Warren about cryptocurrencies and money laundering.
During the debate between Senator Elizabeth Warren and Senator Cynthia Lummis, Senator Warren gave the example of a criminal cartel using cryptocurrency to launder $900,000, but Senator Lummis told Senator Warren that in the past this cartel has used traditional fiat money to launder over $1 billion dollars. He countered that they were laundering money. This dispute illustrates the differing views on the role of cryptocurrencies in illicit finance.
“Lummis’ work to regulate cryptocurrencies is supported by many in the industry. They believe that clear rules protect against abuse and provide certainty for investors and businesses.