Pro-Crypto Senator: Biden Missed Opportunity to Embrace Innovation
CryptoNewsTerminal Staff01 Jun, 2024
Pro-Crypto Senator: Biden Missed Opportunity to Embrace Innovation
Pro-crypto US Senator Cynthia Lummis has criticized the Biden administration for failing to seize the opportunity to shift its stance on cryptocurrencies. In a statement, Senator Lummis said, "Congress gave the Biden Administration an opportunity to reset its approach to crypto, but the administration squandered it." Senator Lummis' comments come after the Biden administration did not support a bipartisan bill that would have overturned a guidance issued by the Financial Accounting Standards Board (FASB) on crypto custody by banks and other regulated financial firms. Senator Lummis had previously sent a letter to President Biden urging him to not veto the bill. "I will not stand idly by as the administration attempts to stifle financial innovation and protect an industry it seeks to suppress," Senator Lummis said. The Biden administration has not yet publicly commented on Senator Lummis' statement.
