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US Congress Builds Pro-Crypto Army, for What?

Liputan6.com, Jakarta – Crypto is gaining momentum among United States (US) lawmakers. Senator Cynthia Lummis says her party is building a pro-crypto force in Congress.

This declaration came shortly after the House of Representatives (DPR) passed the crypto bill on Financial Innovation and Technology for the 21st Century Act (FIT21), despite opposition from the White House and SEC Chairman Gary Gensler.

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“We are building a pro-crypto army in Congress,” wrote Senator Cynthia Lummis on her X account, quoted from Bitcoin.com.

Cynthia Lummis said cryptocurrencies are gaining more and more support in the US Congress. Senator Cynthia Lummis (R-WY), known for her support of bitcoin and crypto.

Senators Lummis and Kirsten Gillibrand have taken proactive steps by introducing bills aimed at balancing financial innovation and consumer protection.

Following House approval of FIT21, Lummis expressed a positive view of America's role in crypto, stating he and Senator Gillibrand “have worked tirelessly to craft a crypto asset bill that provides a common-sense solution to unleash financial innovation without eroding consumer protections. ”

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“I am encouraged by the DPR's shared interest in positioning the US to be a global leader in the crypto space,” he said.

In contrast, US Senator Elizabeth Warren has openly voiced her concerns about crypto, and opposes the widespread adoption of cryptocurrencies.

In response to Warren's anti-crypto stance, former President Donald Trump's campaign has adopted cryptocurrencies by accepting donations through Coinbase Commerce. Recently, both the Senate and House voted to repeal the SEC's controversial Staff Accounting Bulletin 121 (SAB 121).

Lummis celebrated this as a significant win for financial innovation and a clear rebuke to the way the Biden administration and SEC Chairman Gensler are “mistreating crypto.” He emphasized that this marks the first time Congress has passed stand-alone crypto legislation and indicated that further efforts are on the way .

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US Congress Builds Pro-Crypto Army, for What?

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