As an analyst with a background in political economy, I believe that Senator Cynthia Lummis’ perspective on the evolving views towards crypto in Congress and the potential obstacles to pro-crypto legislation is insightful and valuable. The passing of H.J.Res. 109 through the House and Senate with bipartisan support is a significant step forward for the industry, but the looming veto threat from President Joe Biden poses a challenge that cannot be ignored.
As a financial analyst, I’ve been following the developments in the cryptocurrency industry closely. While it seems that Congress is becoming more favorable towards crypto, it’s essential to note that the President could still present a significant hurdle in passing crucial legislation for the sector. According to Senator Cynthia Lummis (R-WY), this is an important point to consider.
In a Friday interview, the congresswoman expressed her views on the shifting attitudes towards cryptocurrency at Capitol Hill and identified the key opposition groups to pro-crypto legislation.
Biden’s Looming Veto Threat
As an analyst, I’ve examined the likelihood of President Joe Biden signing H.J.Res. 109 into law, given that it recently cleared both the House and Senate with bipartisan approval.
The new ruling annuls an earlier SEC decree, making it more feasible and less burdensome for financial institutions under regulation to provide cryptocurrency custody solutions.
One interpretation: Before the House of Representatives voted on the act two weeks ago, Biden pledged to veto it if it reached his desk. Yet, the bipartisan approval of the bill in Congress and the more conciliatory stance of the Biden administration toward future legislation led some to believe he might renege on that promise.
Based on Lummis’ account, SEC members cautioned her that President Biden would likely reject any legislative effort to rescind Staff Accounting Bulletin 121 prior to its official withdrawal by Congress.
“Lummis expressed surprise at the robust bipartisan support for this issue. The White House now needs to reevaluate its stance, and I hope they won’t reject it.”
The Democrats Still Opposed To Crypto
Two legislation pieces with a cryptocurrency focus were approved in the House this week. These are the Financial Innovation and Technology for the 21st Century Act (FIT21) and the CBDC Anti-Surveillance State Act. The former garnered a two-thirds majority vote, ensuring it would secure enough Senate approval to override a potential presidential veto.
As a crypto investor, I’m observing a growing consensus among politicians from both sides of the aisle. It seems we’re moving towards bipartisan support for cryptocurrencies, with a likely majority in favor. Among the opposition, most are identified as part of the progressive wing within the Democratic party.
Some individuals harbor unease towards assets that aren’t under governmental control, according to Lummis. This sentiment exists within the Democratic Party and might persist despite the emergence of assets functioning as currencies that weren’t originally produced by the government.
Previously in this month, Balaji Srinivasan, former CTO of Coinbase, expressed a comparable viewpoint regarding Democrats’ antagonism towards the crypto industry. He posted on Twitter, “Given that Democrats and Communists wield significant political power, they don’t derive any advantages from cryptocurrencies.”
Moving ahead, Lummis recommended that representatives from the cryptocurrency sector reach out to their Congress members and inform them about the intricacies of digital currencies.
She emphasized the importance of not disregarding the political chance in 2024 to engage with policymakers who will significantly impact the digital asset industry. This could lead to establishing a robust and enduring framework for the relationship between policymakers and the digital asset sector, whether it results in positive or negative outcomes.
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2024-05-25 00:20