Cynthia Lummis, United States senator from Wyoming

As one of the first well-known American politicians to have invested in bitcoin, Lummis is also a hodler. She originally purchased bitcoin in 2013 after receiving a tip from her son-in-law. Prior to her time in the Senate, Lummis held the positions of state treasurer and representative for Laramie County in the Wyoming House of Representatives. Later, in 2008, she was chosen to serve as a representative for Wyoming’s at-large congressional district in the U.S. House of Representatives.

“Bitcoin is clearly a commodity. It is digital gold.”

https://twitter.com/senlummis

2023

Sen. Cynthia Lummis (R-Wyo.) is against the Securities and Exchange Commission’s (SEC) efforts to suppress the bitcoin market. She is now pledging to stop one of the contentious new crypto measures implemented by the agency. With cases ongoing against many major participants in the crypto space, including Coinbase and Binance, the SEC is actively trying to regulate the sector on several fronts.

Lummis now promises to prevent it from being enforced, describing it as just another instance of the SEC’s excessive reach. She stated that the warning may harm customers in the case that a digital asset custodian failed. She hopes to win support for her efforts in the Senate and the House in the coming weeks. She stated that she is pursuing many avenues in Washington to offer greater clarity to the cryptocurrency business. One such path is an extensive bill that she co-sponsored with Sen. Kirsten Gillibrand (D-N.Y.) that would specify the regulations governing the industry.

Lummis stated that she is open to incorporating parts of her proposal into other legislative packages and expressed hope that it will pass in early 2024. That’s exactly what occurred in the last few weeks when her measure—which addresses terrorist financing—was included into the National Defense Authorization Act, the Senate’s defense funding bill. The House is now working on that proposal.

Here you can watch the latest Cynthias’ speech on crypto assets:

2022

A comprehensive measure intended to give regulatory clarification on digital assets, including stablecoins, will be introduced in 2022, Senator Lummis announced plans to do so in late 2021. She allegedly also suggested setting up a body to supervise the cryptocurrency market that would fall under the joint authority of the Securities and Exchange Commission and the Commodity Futures Trading Commission.

In 2022, it is anticipated that Senator Lummis will continue to promote the expanding cryptocurrency market in the US and elsewhere. Her efforts to clarify the legal status of cryptocurrencies and stablecoins in the US will be crucial going forward.

While it is uncertain whether Senator Lummis’ 2021 Bitcoin purchases will result in a profit this year, since she purchased her first BTC in 2013, she has unquestionably enjoyed impressive returns on her earlier investments.

Latest news about Cynthia Lummis

• The US Securities and Exchange Commission (SEC) has faced opposition from brokers, hedge funds, and investment advisors over its proposed regulations to regulate artificial intelligence in financial advice. The industry argues that the regulations are too broad and unfeasible to implement, dubbed “Reg PDA.” The SEC’s expansive definition of “technology” raises concerns that it could apply to simple tools like calculators. Financial giants like Morgan Stanley and JPMorgan have criticized the regulations, while consumer groups support the SEC’s efforts. The SEC has affirmed its openness to public input, while Gensler maintains the importance of protecting investors from biased technological advice.
• The U.S. Securities and Exchange Commission (SEC) is set to make a crucial decision on the approval of the Bitcoin ETF, with a 90% chance of approval by January 10. This comes amid recent delay orders for major players like BlackRock, Bitwise, and VanEck. The SEC’s window for a decision on the first nine applicants extends until January 10, 2024, causing speculation among investors and industry observers. However, the approval process could still be delayed by weeks or months due to the division of Corporate Finance’s approval process.

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