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Senator Lummis calls for responsible Bitcoin regulation



Senator Cynthia Lummis, renowned for her advocacy of American principles and values throughout her career, is celebrated as one of the champions for Bitcoin and digital assets in the United States Congress. At Bitcoin 2023 Miami, she shared insights on how Bitcoin aligns with the core principles of the United States and discussed the legislative process for digital assets.

She emphasized that Bitcoin’s decentralized nature, independent of government control, and ownership by individuals with property rights, resonates with the principles of freedom, property rights, and personal responsibility. Senator Lummis believes that Bitcoin’s innovative potential should be protected and nurtured in the United States.

Discussing the legislative landscape for digital assets and Bitcoin in Congress, Senator Lummis acknowledged the need to educate lawmakers about the differences between various cryptocurrencies and digital assets. She emphasized the importance of proper regulation to ensure consumer protection and adequate disclosure requirements. 

Senator Lummis stated that Bitcoin is “clearly” a commodity, subject to legislative controls similar to those of other commodities, which would enable it to benefit from being in the commodity space. She mentioned ongoing collaboration with key players in the House, including Patrick McHenry, Maxine Waters, and the Financial Services Committee, to align efforts and resolve differences between proposed bills.

She highlighted her intention to reintroduce the Responsible Financial Innovation Act, a comprehensive piece of legislation co-sponsored with Senator Gillibrand, in the upcoming weeks. The bill covers various aspects of digital asset policy, regulatory oversight, and compliance with banking and securities laws. The updated version of the bill is expected to include more robust consumer protection measures for securities while working towards harmonization between the Senate and House versions of the bill. The aim is to ensure that the legislation supports innovation without inhibiting progress.

Addressing concerns raised by the Biden Administration’s proposed 30 percent tax on Bitcoin mining, Senator Lummis reassured that such a tax is unlikely to happen.

Individuals who are passionate about advancing Bitcoin technology should engage in the political process, she encouraged. Drawing attention to the recent success of the Chamber’s Blockchain Education Day in Washington DC, where individuals met with elected representatives to share educational materials, was a good example of the power of collective action. Engaging with lawmakers, raising awareness, and educating them about the benefits and potential of Bitcoin can help shape responsible regulation and ensure that the United States remains at the forefront of innovation in this space, she said.

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