Senator Cynthia Lummis recently said the crypto market will play a significant role in the US economy unless the opportunity is squandered.Lummis, a vocal advocate for pro-crypto legislation, believes that recent victories in Congress signal a promising future for the sector.In recent years, pro-crypto lawmakers like Lummis have worked tirelessly to educate their colleagues about digital assets. She said in a social media post on May 29:“When I came to the US Senate, nobody knew anything about digital assets, no one knew the difference between Bitcoin (BTC) and alternative coins. So we’ve worked hard to educate members of the Senate.”Lummis, alongside Senator Kirsten Gillibrand and others, has established a financial innovation caucus and a framework for managing the crypto sector.She emphasized Bitcoin’s role as a store of value and a means of exchange, which has contributed to its growing adoption globally. Factors such as inflation have driven users to Bitcoin as a hedge and a store of value.Lummis also highlighted the increasing awareness around Ethereum, which she described as a blockchain capable of supporting numerous applications.The US crypto market has made significant progress recently, including the SEC’s approval of spot Bitcoin and Ethereum ETFs. Additionally, multiple pro-crypto bills have also advanced in recent weeks, indicating a more favorable regulatory environment and bipartisan cooperation.One notable legislative success is the House of Representatives’ approval of the Financial Innovation and Technology for the 21st Century Act (FIT21), which saw some Democrats cross party lines in support.Additionally, the Senate voted to overturn Gary Gensler’s Staff Accounting Bulletin No. 121 (SAB 121), easing the path for banks to become crypto custodians.As the upcoming US Presidential elections draw near, the narrative around crypto continues to evolve, with optimism high for further progress and integration of digital assets into the economy.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Must-read crypto news & insights. Delivered daily.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. DeFi Technologies recently adopted BItcoin as its primary treasury reserve asset.Japanese firm Metaplanet saw its stock surge 10% after its most recent Bitcoin acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
