Senator Cynthia Lummis expressed optimism about cryptocurrency legislation, believing that President Biden may not veto crypto-friendly bills in the face of broad bipartisan support.
Although Congress has shown support for cryptocurrencies, Biden's attitude could become an obstacle to key legislation.
In a recent interview, Lummis shared the changing attitudes in Congress toward cryptocurrencies and noted which parties were opposed to related legislation.
Biden's veto threat
Lummis discussed the likelihood of H.J.Res. 109 being signed by President Biden, which received bipartisan support in both the House and Senate earlier this month.
The resolution repeals a U.S. Securities and Exchange Commission (SEC) rule that had made it complicated and impractical for regulated banks to offer cryptocurrency custody services.
On the one hand, Biden has said he would have vetoed H.J.Res. 109 if it had reached his desk before the House vote on the bill two weeks ago. On the other hand, Congress’s bipartisan passage of the bill and the Biden administration’s more moderate stance on subsequent legislation have led many to suspect that the president might not follow through on his veto threat.
According to Lummis, members of the U.S. Securities and Exchange Commission (SEC) have told her that President Biden intends to veto any attempt to repeal Staff Accounting Bulletin 121 before Congress formally takes action.
"I don't think the White House anticipated that there would be such strong bipartisan support, so I think they need to reconsider their position, and I hope that ultimately they will choose not to veto the bill," Lummis said.
Opposition voices in the Democratic Party
This week, the U.S. House of Representatives approved two important cryptocurrency-related bills, the 21st Century Financial Innovation and Technology Act (FIT21) and the CBDC Automatic Monitoring State Act. The FIT21 bill was passed with a high proportion of more than two-thirds of the votes, which means that if the Senate can also pass the bill with a similar support rate, even if President Biden tries to veto it, it may be overturned by Congress.
"We are seeing a bipartisan consensus that probably represents majority opinion," Lummis said, noting that among those who disagree are primarily "progressive" members of the Democratic Party.
"There are some people who are concerned about assets that are not controlled by the government," Lummis continued.
She further elaborated: "There is a faction within the Democratic Party that may never be able to adapt to an asset class that can circulate as money but is not created by the government."
Earlier this month, former Coinbase CTO Balaji Srinivasan tweeted his thoughts on the Democratic Party’s opposition to the cryptocurrency industry, saying: “Democrats and communists control some powerful states, so they see no benefit from the development of cryptocurrencies.”
Looking ahead, Lummis suggested that the cryptocurrency industry proactively communicate with members of Congress to educate them about digital assets.
She concluded: “We should not ignore the political opportunities in 2024 and should seize this moment to build a long-lasting framework and connection between the digital asset industry and policymakers, which will have a profound impact on the entire industry, both positively and negatively.”
Conclusion:
As the cryptocurrency industry develops and the legislative process advances, cross-party support and opposition voices are intertwined, showing the complexity of politics and legislation. At the same time, Senator Lummis's views remind us that the cryptocurrency industry needs to actively participate in political decision-making and convey relevant knowledge to decision makers to promote the long-term development and stability of the industry. In the future, establishing effective communication and cooperation between the industry and the government will have a profound impact on the entire cryptocurrency ecosystem. #加密货币立法 #Lummis
