Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651
Unchained
Exploring Stablecoins and Legislative Efforts for Consumer Protection
This chapter explores the growing concerns regarding stablecoins and their implications for the U.S. dollar and banking system. It emphasizes the need for regulations and backing by hard assets to protect consumers, especially in light of recent events involving USDC.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Amazon Music, or on your favorite podcast platform.
With crypto becoming more politicized than ever, US Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington DC.
With crypto becoming more politicized than ever, U.S. Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington, D.C.
She delves into what led to bipartisan support to repeal SAB 121, and how the strength of the vote there in both the House and Senate may have affected the about-face decision to approve spot ether ETFs. Sen. Lummis also explains why she disagrees with how Gary Gensler’s SEC is handling the industry, how to avoid the next TerraUSD, why she feels Wyoming-chartered Custodia Bank is not being treated fairly, the ban on a Chinese-owned, Wyoming-based Bitcoin mining firm, and what advice she would give to the crypto industry during this election year.
Show highlights:
- Why the SAB 121 approval was bipartisan
- Whether President Biden will veto the resolution
- How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
- How the SEC's approach to regulating the industry "is not the American way"
- Whether there is a bipartisan majority in favor of crypto in Congress
- How bitcoin has come a long way in terms of adoption
- Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
- The differences between the Lummis-Gillibrand bill and FIT21
- How Sen. Lummis feels about the denial of a master account for Custodia Bank
- Whether there's a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming
- What Sen. Lummis would advise for the industry to accomplish its goals
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Guest
- Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651, U.S. Senator from Wyoming
Links
Ether ETFs
- Unchained:
- Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
- Bits + Bips: Is US Politics Driving the ETH ETF Approval?
- Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
SAB 121
FIT21:
Open cases:
- Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security
- Unchained:
- Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
- SEC Puts DeFi in Its Sights With Potential Uniswap Suit
- Unchained:
- SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
- The Real Reason Why the SEC Might Be Going After Ethereum
Timestamps:
- (00:00) Introduction
- (02:53) Why the SAB 121 approval was bipartisan
- (04:52) Whether President Biden will veto the resolution
- (08:40) How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
- (13:23) Why Senator Lummis believes there is a bipartisan majority in favor of crypto in Congress
- (20:19) Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
- (23:55) The differences between the Lummis-Gillibrand bill and FIT21
- (28:59) How Sen. Lummis feels about the denial of a master account for Wyoming-special purpose depository institution Custodia Bank
- (30:20) What she thinks about the Biden administration’s ban against a Wyoming-based, Chinese-owned Bitcoin mining company near a nuclear site
- (33:44) What Sen. Lummis would advise for the industry to accomplish its goals
- (35:04) Weekly Recap
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