In this regard, Senator Lummis indicated that the United States is already in a totally different position in relation to Bitcoin, so the questions and challenges for digital currency will become more complex as government officials recognize the potential of cryptocurrency.
- According to Lummis, the US will no longer be able to ban Bitcoin.
- Government officials know more about Bitcoin and there is genuine recognition.
- The Lummis and Gillibrand bill is expected to help pave the way for Bitcoin.
The US senator for the state of Wyoming, who appears as the co-author of the crypto bill recently introduced before the senate, Cynthia Lummis, assured that the US has already crossed the abyss in relation to Bitcoin, so the digital currency is here to stay and it will not be possible to ban it under any circumstances.
Lummis’ comments came in response to a post associated with an interview with the CEO of MicroStrategy, Michael Saylor, who indicated that many people are already aware that Bitcoin it is something real and unique. Given this premise, the senator commented:
“I don’t want to underestimate how hard the road will be for our bill but I agree with that, as @Saylor says here, the US has crossed the ‘abyss’ of whether ‘this is real’ (yes) and ‘if they’re going to ban it’ (no). The questions/challenges are different now.”
I don’t want to understate how tough the road is ahead for our bill but I do agree that, as @saylor says here, America has crossed the ‘chasm’ of ‘is this real’ (yes) and ‘will it be banned’ (no). The questions/challenges are different now. https://t.co/JFL0UTOQV7
— Cynthia Lummis ???? (@CynthiaMLummis) June 8, 2022
It is worth noting that Saylor argued that at this point the senior officials were fully aware that Bitcoin it is critical to the financial future of the US, which is why there is a bullish outlook on the digital currency, as well as a change of perspective by government officials towards the main cryptocurrency of this new ecosystem.
The road ahead for the bill
Keep in mind that Lummis’ comments come a day after she and Senator Kirsten Gillibrand officially introduced the first bipartisan bill to regulate cryptocurrencies, better known as the “Responsible Financial Innovation Law“.
Said proposal constitutes a far-reaching comprehensive law, which seeks to address the key issues of cryptocurrencies, including the establishment of a clear standard for the classification of these assets, an issue that will clarify their taxation and the role of federal agencies in its regulation; in particular, of the Securities and Exchange Commission (SEC) and the Commodities and Futures Commission (CFTC).
Although this is an important first step in legislative matters, the bill still needs to be reviewed by at least four committees and notable changes could take place here. Analysts point out that in its current state, it is very unlikely that the proposal will be officially approved, so that the debates that will take place will be crucial to direct it towards its final version, which should adjust in a more objective way to the needs of users and regulatory bodies.
Regarding the bill, its creators feel especially optimistic about it, and they hope that if everything goes well, the proposal will be put to a vote no later than 2023.
Font: Finbold, Twitter
Angel Di Matteo version / DailyBitcoin
Picture of unsplash
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.