US Senator says ETH ETF approval underscores the need for Congress to pass a crypto framework 

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Cynthia Lummis stated that ETH spot ETF approval is a milestone in Crypto’s journey to mainstream acceptance and regulatory clarity.

Cynthia Lummis, U.S. Senator from Wyoming, is a strong advocate for cryptocurrency. She supports balanced regulation to protect consumers while fostering innovation in the digital asset space, aiming to integrate crypto into the broader financial system responsibly.

On 24 May 2024, Bitcoin Supporter US Senator Cynthia Lummis said that the approval of Ethereum spot ETF applications by the United States Securities and Exchange Commission (SEC) is a very big milestone for the crypto industry because it underscores the need for Congress to pass a crypto dedicated regulatory framework to save the US crypto investors as well as to provide a proper clarity for the digital assets service provider companies to follow laws. 

Recently under the leadership of Cynthia, many Senators voted to support a Crypto bill called FIT 21. The crypto bill is designed to establish a clear regulatory framework for the cryptocurrency market in the U.S. to allow the SEC & another financial regulator CFTC to regulate the crypto sector under their corresponding authority.

In the past many times, Cynthia supported Bitcoin at a very big level and during the bad crypto cycle. The crypto-friendly US Senator also assured the crypto investors that the crypto sector will stay here.

It is worth it to note that Cynthia worked on the crypto bill over the last 3 years tirelessly and now this year she secured a better level of support from other Senators, despite the Biden Administration’s crypto hater stance.

Read also: Traditional British magazine “The Spectator” calls Bitcoin a Ponzi scheme