Senator Cynthia Lummis, a big supporter of crypto, thinks things could get a lot better for the industry if Republicans take control of the Senate.
A Need for Clear Rules
Lummis says the US needs to get its act together and create some solid rules for crypto. While other countries like the EU have already started making rules, the US is lagging behind. She thinks this is a big problem because it could mean other countries take over the financial services game.
The SEC Isn’t Doing Enough
Lummis is also critical of the SEC, saying they’re more focused on punishing people than actually setting clear rules. She thinks Congress should take the lead and create a proper framework for crypto.
What Happens to Gensler?
Lummis isn’t sure what will happen to the SEC chair, Gary Gensler, if there’s a change in the White House. She thinks former President Trump would fire him right away, but she’s not sure what would happen if Vice President Kamala Harris wins.
A Republican Senate Could Be Good for Crypto
Lummis is optimistic about the future of crypto if Republicans control the Senate. She thinks Senator Tim Scott, who could become the head of the Banking Committee, would push for better crypto rules.
Lummis Wants the US to Buy Bitcoin
Lummis has also been pushing for the US to buy a lot of Bitcoin, like a million coins over five years. She thinks this would help the US dollar and could even help with the national debt.
Bitcoin’s Price is Up
By the way, Bitcoin has been doing pretty well lately, hitting its highest price in over two months.
