Lummis: Crypto Will Erupt as Big Issue in Senate Races Including Banking Chair Brown’s

U.S. Senator Cynthia Lummis (R-Wyo.) expressed that the pivotal Ohio election, which has the potential to establish the Senate majority and the chairmanship of the Senate Banking Committee, is expected to delve into cryptocurrency matters. She urged industry experts to ensure this happens.

Senator Sherrod Brown (D-Ohio), the Democratic Party’s chairman of the Banking Committee in the Senate, has been hesitant to advance digital asset regulatory bills through his committee, even as some progress is made in the House of Representatives. In the upcoming Ohio general election, Brown is being challenged by Republican candidate Bernie Moreno, a local businessman and crypto advocate who founded a blockchain startup. Lummis, also a member of Brown’s committee, anticipates that digital assets will play a significant role in this election contest.

During a Bitcoin Policy Institute gathering in Washington, she advocated for crypto enthusiasts to participate in public debates during the election campaign and encourage candidates to express their views on cryptocurrency.

She suggested having individuals from the audience pose queries to him, she remarked. Meanwhile, it appears Brown is being influenced by Senator Elizabeth Warren of Massachusetts on this matter, who is well-known for her criticisms against cryptocurrencies within Congress.

“The Banking Committee is kind of the obstacle here,” Lummis said.

Lummis additionally brought attention to the Senate race between herself and Sen. Jon Tester (D-MT) in Montana. As a member of the Senate Banking Committee, Tester is expected to play a significant role in any future legislation concerning cryptocurrency. Lummis has been endeavoring to instruct his Republican opponent on the fundamentals of blockchain technology and cryptocurrencies.

Lummis pointed out that Senator Kirsten Gillibrand (D-NY), her Democratic collaborator on a major cryptocurrency legislation, will likewise be up for re-election in this year’s elections.

Previously at the same gathering, Rep. Patrick McHenry (R-N.C.), who chairs the House Financial Services Committee, expressed optimism that a bill concerning stablecoins could yet receive Congress’ approval in 2022. Nevertheless, with each passing week, the number of legislative days left in the year is dwindling, as the elections draw nearer.