US Senator Defends Crypto Against Criticisms from Senator Warren and Others
Senator Lummis defends crypto, urges strong rules against bad actors, and clashes with Warren on laundering.
A US Senator, Cynthia Lummis has defended crypto assets, saying the real problem is bad actors in the industry and not the assets. She wants federal investigators to focus on these bad actors.
Lummis, a crypto supporter, believes in a strong regulatory framework to stop bad actors from misusing crypto assets. She emphasized this during a Senate Committee hearing, calling for clear rules for crypto businesses.
This year, Lummis introduced The Lummis-Gillibrand bill which aims to regulate the crypto industry properly, making it harder for bad actors to operate and easier for compliant exchanges to function in the US.
Lummis and Representative French Hill wrote to the Department of Justice, urging the department to address platforms allowing illegal activities. She also debated with Senator Elizabeth Warren about cryptocurrencies and money laundering.
In a debate between Senator Elizabeth Warren and Senator Cynthia Lummis, Warren pointed out a case where a criminal cartel laundered $900,000 with crypto, but Lummis fired back at Warren saying the cartel had laundered over $1 billion with traditional fiat in the past. This debate shows different views on cryptocurrency's role in illegal finance.
Lummis' work on crypto regulation is supported by many in the industry, as they believe clear rules will protect against misuse and give certainty to investors and businesses.
