In a recent Senate Committee hearing, US Senator Cynthia Lummis defended the crypto industry, claiming that the primary concern is with bad actors, not the assets themselves.
Lummis, a vocal crypto supporter, advocates for a strong regulatory framework to prevent bad actors from abusing the system and to ensure that crypto businesses follow clear rules.
Senator Lummis has been actively working to develop a comprehensive regulatory framework for the crypto industry.
This year, she introduced the Lummis-Gillibrand bill, which seeks to improve oversight and regulation in the crypto space.
The proposed legislation is intended to make it difficult for bad actors to operate while also allowing compliant exchanges to function effectively in the United States.
Lummis, along with Representative French Hill, took a proactive stance by writing to the Department of Justice, urging them to address platforms that facilitate illegal activity in the crypto space.
This demonstrates Lummis’ commitment to ensuring that the industry operates ethically and legally.
A notable moment during the Senate hearing was a heated debate between Senator Lummis and Senator Elizabeth Warren about crypto and money laundering.
Warren cited a case in which a criminal cartel laundered $900,000 in crypto, prompting Lummis to point out that the same cartel had previously laundered over $1 billion in traditional fiat.
This exchange demonstrates the opposing viewpoints on the role of crypto in illicit financial activities.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.