“We (Bitcoin supporters) are back,” exclaimed Senator Lummis on Friday after the Senate passed a bill to repeal anti-crypto banking policies.
U.S. Senator Cynthia Lummis recently posted a “Bitcoin laser eyes” emoji on social media to show her support for cryptocurrency laws.
The move comes on the heels of the Senate passing legislation H.J.Res. 109, which seeks to overturn the SEC’s Staff Accounting Bulletin (SAB) No. 121.
Senator Lummis Supports Bitcoin Legislation
Cynthia Lummis, a U.S. senator representing Wyoming, is well known for her support for Bitcoin, which she sees as a reliable store of value and a protection against inflation. As a member of the Senate Banking Committee, she is committed to promoting a regulatory framework that both promotes crypto innovation and protects consumers.
The Senate recently passed legislation aimed at repealing SAB 121, a proclamation that imposed strict restrictions on financial institutions, preventing them from becoming custodians of digital assets such as Bitcoin. Pursuant to the Congressional Review Act, H.J.Res. 109 seeks to remove these barriers and allow regulated financial firms to provide custody services for cryptocurrencies.
Before the legislation was passed, Senator Lummis had made clear her support for repealing SAB 121. She criticized the rule for being written and enforced by SEC staff rather than accounting guidance agreed to by a majority of the committee.
Recently, Senator Cynthia Lummis and Senator Ron Wyden of Oregon jointly wrote to US Attorney General Merrick Garland, expressing their concerns about the possible deviation of the Department of Justice in interpreting the "money transmission" regulations. They pointed out that if the definition of the Department of Justice is inconsistent with FinCEN's standard interpretation, it may cause the core activities of the cryptocurrency network to be mistakenly regarded as illegal activities, thereby hindering the healthy development of financial innovation in the United States.
White House raises investor protection concerns
Meanwhile, the White House has publicly stated its opposition to the passage of this legislation. In a recent statement, the White House indicated that if the bill is submitted to President Biden, he will exercise his veto power. President Biden may make the case that repealing SAB 121 will weaken the SEC's efforts to protect investors in the crypto asset market and the security of the entire financial system.
Critics of SAB 121 argue that the rule is overly restrictive and limits the ability of financial institutions to meet the growing demand for bitcoin services. They argue that these institutions are well-positioned to manage the risks associated with digital asset custody with their established compliance frameworks and security protocols.
Despite the Senate's approval of the bill, the future of H.J.Res. 109 remains uncertain due to a potential presidential veto. If President Biden follows through on his veto promise, it would block the resolution's progress, maintaining current restrictions on digital asset custody by financial institutions. Alternatively, Biden can choose to sign the bill into law, veto it, or take no action, in which case the bill would become law without his signature.
Conclusion:
Senator Cynthia Lummis’ support for Bitcoin legislation and her “laser eyes” emoji highlight the growing interest and positive attitude towards cryptocurrencies in the U.S. political sphere. Her advocacy for the repeal of SAB 121 and her shared concerns with the Department of Justice with Senator Ron Wyden demonstrate the urgent need for a crypto-friendly regulatory framework.
Although the White House and SEC’s opposition to H.J.Res. 109 shows that there are still differences in cryptocurrency regulation, the passage of this legislation undoubtedly provides new impetus and possibilities for the future development of the cryptocurrency industry.
It is believed that with the advancement of the legislative process and potential presidential decisions, the legal status and regulatory environment of cryptocurrencies in the United States may undergo significant changes, which will have a profound impact on the global cryptocurrency market. #比特币 #加密货币立法
