US Senator Cynthia Lummis Urges SEC to Clarify Crypto Rules, Advocates EU-Like Regulations
Cynthia Lummis raised concerns over the enforcement actions taken by the US SEC body against crypto companies.
Cynthia Lummis is a US senator from Wyoming. She is a highly Bitcoin-friendly personality in the crypto space. In the past, many times she talked about Bitcoin and crypto sector adoption on big occasions. She also prepared a rule book for the crypto space to implement in the US jurisdiction system but has failed to get a better level of support from the senators, so she can push that bill in the parliamentary discussion.
On 27 Sep 2024, Cynthia Lummis appeared in an interview with CNBC. In the interview, Cynthia raised concerns over the enforcement actions taken by the United States Securities and Exchange Commission (SEC) against top US crypto companies.
According to this US Senator, the SEC agency’s brutal actions against crypto companies have created confusion among crypto companies and ongoing legal challenges.
Cynthia noted that regulatory clarity is currently a much-needed thing for the US crypto market because American companies are lagging behind in the race of crypto business in comparison to the EU market.
Furthermore, she said that she believes that Bitcoin and Ethereum, the top two cryptocurrencies, should be classified as commodities under the oversight of the CFTC body, instead of the SEC body.
The Wyoming state senator urged Congress to introduce a clear regulatory framework defining the roles of different regulatory bodies regarding the US crypto space. She also asserted that updates to the Howey Test, used to determine securities status, may be necessary due to the evolving nature of cryptocurrencies.
US Crypto Uncertainty and Presidential Election
In the last four years, the crypto sector faced huge pressure because of a bad regulatory approach. In late 2023, the situation changed back to normal, as the former US President Donald Trump openly supported Bitcoin and cryptocurrencies.
At present, almost every American politician has been supporting crypto adoption to garner huge vote support from crypto investors.
