Pro-Crypto Sen. Lummis: 'Both House and Senate have Pro-Crypto Majorities'

Pro-Crypto Sen. Lummis: 'Both House and Senate have Pro-Crypto Majorities'

According to the Bitcoin Magazine X account, Senator Cynthia Lummis said, “Both the House and Senate have Pro-Crypto Majorities… Bright Future for Crypto,” as the Financial Innovation and Technology Act of the 21st Century (FIT21 Act) passed the U.S. House of Representatives. The FIT21 Act seeks to clarify the regulatory framework for digital assets, designate crypto as a commodity, and establish a new task force to study central bank digital currencies. Senator Lummis is a strong advocate for the crypto industry and has previously introduced legislation to create a clear regulatory framework for digital assets. She has also been critical of the Securities and Exchange Commission’s (SEC) approach to regulating crypto, arguing that the agency has been too slow to provide clarity to the industry. The passage of the FIT21 Act in the House is a significant step forward for the crypto industry. It shows that there is growing bipartisan support for legislation that would provide a clear regulatory framework for digital assets. The bill still needs to be passed by the Senate and signed by President Biden before it can become law. However, the passage of the bill in the House is a positive sign for the future of crypto regulation in the United States.