Cryptocurrency and the Senate — Politicians Pushing Crypto Forward

Crypto is no longer where it used to be a few years ago, and we already have much wider adoption across the US, Europe, and many other areas of the globe. Numerous laws have been enacted that have pushed forward the positive stance toward crypto and allowed the wider public to alter its opinion of this phenomenon. El Salvador has even made Bitcoin a legal tender, which was unimaginable only two years ago. 

Many influential politicians, including some senators, have been advocating for the cryptos in the US. And now, the notable crypto queen of the Senate, Cynthia Lummis, is preparing a comprehensive cryptocurrency regulation bound to be historic for the market. 

Crypto Queen’s Upcoming Bitcoin Bill

Cynthia Lummis, the Republican senator for Wyoming, and Kirsten Gillibrand, the Democratic senator for New York, have been pushing for a revolutionary digital currency bill for months. And now, it’s about to hit the stage. 

The bill is expected to have new regulations for crypto service providers and cryptocurrency exchanges. Furthermore, it’s likely to cover banks, stablecoins, investor protections, and cybersecurity. 

Naturally, it will be heavily debated by different parties. Still, this is a great sign of bipartisan cooperation as senators from opposing parties are its leading proponents. 

It’s another instance of notable US politicians in the highest positions advocating for cryptocurrencies. 

Notable Politicians Fighting for Crypto

Cynthia Lummis is one of the most notable proponents of cryptocurrency in the states today. She’s been a member of the House of Representatives from 2009 to 2017, and in 2021, she became the senator for Wyoming. 

She’s been fighting for crypto for the last decade since becoming the first US senator to own cryptocurrency. Namely, she purchased some Bitcoin in 2013 and is now estimated to have at least $230,000 in Bitcoin.

Her colleague Kirsten Gillibrand is another strong proponent of crypto. She has been the Democratic senator for New York since 2009. Before that, she was a member of the House of Representatives for two years. She hopped on the bandwagon and became a co-author of Lummis’ bill. 

However, they are not the only ones. In the House of Representatives, Patrick McHenry, a longtime Republican congressman from North Carolina, and his old friend Tim Ryan, a Democratic congressman from Ohio, are known as strong crypto advocates.

Together, they are sponsoring a bill to clarify definitions of a crypto broker, change the tax code, and alter transactions between brokers and regular people. 

In the Congress, they have the support of Tom Emmer, the National Republican Congressional Committee Chair, Josh Gottheimer, a Democrat from New Jersey, and Ro Khanna, a progressive Democrat from California.

Importance of Politicians Supporting Crypto

As you’ve seen, several notable senators and members of Congress support crypto and are actively working on pushing the market forward. They could be pivotal for more robust crypto adoption in the US. Plus, their work may be as crucial for the crypto market as the 1990s legislation was for major tech companies like Google, Facebook, and Amazon. 

Despite being on the opposing sides, these politicians have demonstrated that finding common ground for something as important and innovative as digital currencies is possible. Naturally, they are working closely with important companies in the crypto sphere, as their input is crucial for developing regulations that would benefit everyone. 

One of the players in this sphere is SOMA.finance, a multi-asset DEX, and token issuance platform. SOMA.finance is currently the only company with both SEC and FINRA licenses for offering tokenized securities, and it’s working closely with regulatory bodies to drive the market forward. 

Currently, there’s another highly prominent crypto legislation that the members of Congress are facing. This bill aims to regulate the massive stablecoin market that’s becoming increasingly important for the whole digital currency sphere. 

Moreover, Emmer and Khanna, the two congressmen mentioned above, are finally pushing for a bill to clarify that cryptocurrencies are not securities. With this law, cryptocurrencies will have the chance to stay decentralized, at least legally speaking.

Hopefully, all this support will yield positive results for the crypto market, as it has in the past.