The U.S. Senate switching from Democratic to Republican control would bode well for digital assets, Republican Senator Cynthia Lummis said in an interview with CNBC.
One of the most influential committees on digital assets is the Senate Banking Committee, currently led by Senator Sherrod Brown of Ohio. Brown is critical of cryptocurrency And he said too often cryptocurrency platforms do not use “the same common-sense protections,” such as knowing their customers’ rules. illegal finance out.
If the Senate flips, the committee’s top Republican, Sen. Tim Scott of South Carolina, will likely chair it. Scott is cryptocurrency-friendly and has previously proposed creating one. subcommittee If he becomes chairman, he will focus on digital assets.
“I think it would be better for digital assets if the Senate were Republican,” Loomis said. CNBC On Friday morning. “This is certainly true as Tim Scott is set to chair the Banking Committee and is much more interested in seeing a legal framework for digital assets than the current chairman, Sherrod Brown.”
According to the news site’s prediction model: the hillRepublicans have a 67% chance of taking the Senate, while the House is a mess. Lawmakers on both sides of the aisle have been working on legislation to regulate digital assets, including regulatory legislation. stablecoin Another focused on market structure.
Some lawmakers have taken issue with how U.S. Securities and Exchange Commission Chairman Gary Gensler is regulating the cryptocurrency industry, saying the rules aren’t clear to the industry, while others say the SEC is trying to protect investors. They say it’s doing its job. Meanwhile, the SEC has taken several enforcement actions against cryptocurrency companies, including Binance, Coinbase, and Kraken, as they make their way through the courts.
Congress should regulate cryptocurrencies, Lummis said Friday.
“Part of the problem is that the SEC says they have all the tools they need to regulate this, but the way they’ve applied it has led to court cases,” Lummis said. “Instead of regulating the industry by creating clear rules, we are regulating it through enforcement actions.”
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