Pro-bitcoin senator Cynthia Lummis has been appointed to the Senate Banking Committee. Yesterday, Wyoming TV news confirmed the appointment, stating in a release that the Republican Senator from the Cowboy State would join the committee. She’s also billed to join the Commerce, Science, and Transportation Committee and the Public Works Committees.
Lummis Wasting No Time
Kumis has vowed to take her committee assignments seriously, particularly with her new role as part of a major financial overseer. The freshman Senator added that she would be working to improve financial innovation, drawing inspiration from efforts in her home state.
The Senator also explained that she is focusing on advancing the discussion around digital asset regulation – a project which she hopes to bring to the limelight in her time on the Congressional committee.
As part of her efforts, Lummis announced this week that she would launch a Financial Innovation Caucus to help educate some of her colleagues on cryptocurrencies. Speaking with the crypto hedge fund manager and analyst Anthony Pompliano, Lummis explained that the caucus would focus on blockchain and crypto education.
Amongst other things, the objective is to ensure that all crypto-related policies and legislation from Capitol Hill come from a place of nuanced knowledge and not just irrational fears and hearsay.
As the Senator told Pompliano, many Congress members have been fed lies about cryptocurrencies and their use in criminal activities. The caucus will focus on combating many of these lies, pointing out that crypto-enabled crime pales compared to those done with fiat currencies and other conventional settlement methods.
Hail the Biden Administration
Lummis also revealed that she had been engaging with Janet Yellen, the current Treasury Secretary, over progressive Bitcoin regulations. While Yellen has given mixed signals about her crypto stance, the Senator believes the policymaker is keeping an open mind about digital assets.
“It’s going to take a lot of work to get to where we can have an open dialogue that is free from the clutter of seeing this knee-jerk reaction to the concern that all crypto is subject to criminal activity. Crypto regulations need to leave room for innovation,” Lummis said.
While this appointment doesn’t necessarily mean that cryptocurrency regulations will come this year, it is as good a sign as anyone could hope. Many have touted the Biden administration as the perfect one to bring about crypto regulations, succeeding in several areas that the Trump administration seemingly failed.
The Commander-in-Chief might be focusing more on pressing issues like the coronavirus and economic recovery, but the signs are so far looking good.
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