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Republican Senator Cynthia Lummis of Wyoming recently said that the crypto industry needs to weed out its bad players for Bitcoin to fully emerge. Speaking to Nathalie Brunell on the Coin Stories podcast, Lummis said:
“As soon as more of the bad actors can be dismissed, the better it looks for Bitcoin because of its complete decentralization and the qualities that make it digital gold. So regulation is actually good for Bitcoin because, among all the cryptocurrencies, Bitcoin is going to emerge as the gold standard.”
Lummis elaborated:
“Bitcoin will actually benefit by having some of the bad actors regulated, disclosed and out of the scene. Because for some people they don’t understand the difference between Bitcoin and an altcoin.
“And there are a lot of altcoins that are just fraudulent. They are scams. So, they should be under the control and jurisdiction of the SEC. Because the SEC really is good at disclosure and consumer protection.”
Lummis is responsible for a bipartisan bill, drafted in June with Democrat Senator Kirsten Gillibrand of New York advocating regulatory guidelines for the entire digital assets space. The bill will cover the full spectrum from cryptocurrency taxation to consumer protection, the pro-Bitcoin Republican senator from Wyoming explained. While there is still change the bill will pass the Senate this year, for now it looks it has been pushed to 2023.
Furthermore, Lummis explained that the U.S. Securities and Exchange Commission (SEC) will have an important role to play in coming times regulating the industry and said to be confident about its current chairman Gary Gensler:
“While Ethereum has touted the advantages of being a proof-of stake-as opposed to proof-of-work, and that means it’s environmentally more friendly and people begin to embrace it, I think that there’s very little understanding of how that can affect its more centralized approach.
One of the people who I think really understands that is Gary Gensler, who’s the head of the SEC, and his voice on these issues is going to be important within this administration.”