Sen. Lummis Dons Bitcoin Laser-Eyes After Historic Senate Vote on Crypto Custody

May 17, 2024

In a historic moment for the cryptocurrency landscape, Sen. Cynthia Lummis (R-WY) made a bold statement on social media platform X (formerly Twitter), sharing her picture featuring Bitcoin laser eyes.

This came in celebration of the senate’s decision to disapprove the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121, which aimed to prevent regulated financial institutions from custodying Bitcoin and other crypto assets—a move strongly opposed by the crypto-friendly senator.

Celebration on Social Media

Sen. Lummis, known for her advocacy of digital currencies, shared a photo showing her donning the now-iconic Bitcoin laser eyes meme and tweeted, “We’re so back,” signaling a significant win for the crypto sector. Her post quickly went viral, igniting a wave of enthusiasm and optimism among Bitcoin supporters and investors.

Impact of Senate Vote on Crypto Regulation

The senate’s vote marks a pivotal point in the ongoing debate over cryptocurrency regulation in the United States. SAB 121, introduced by the SEC, was seen by many in the industry as a restrictive measure that would limit the ability of financial institutions to offer custodial services for digital assets, potentially stifling innovation and growth in the crypto market.

Calls for Presidential Support

In her tweet, Lummis hailed the senate’s decision as a historic moment for the cryptocurrency sector, urging President Joe Biden to support the measure. “This is historic. @POTUS, do the right thing, and sign this bipartisan resolution into law,” she said in an X post.

Implications for the Cryptocurrency Industry

The disapproval of SAB 121 is expected to have far-reaching implications for the cryptocurrency industry. Analysts predict that the decision will encourage more financial institutions to explore and expand their crypto offerings, ultimately leading to greater mainstream adoption of digital assets.

Bitcoin’s price reacted positively to the news, experiencing a sharp increase as investors welcomed the reprieve. Other cryptocurrencies also saw a boost, reflecting the broader market’s relief and renewed confidence.

The SEC has not yet commented on the Senate’s decision. However, the move is likely to prompt further discussions and debates over the appropriate regulatory framework for cryptocurrencies in the United States.

Criticism of DOJ’s Stance on Bitcoin

Earlier this week, Sen. Lummis criticized the Biden administration‘s Department of Justice for its stance on Bitcoin software development, calling it legally flawed and dangerous. “President Biden’s DOJ steamrolling the longstanding interpretation of FinCEN is legally wrong and threatens to criminalize Bitcoin software development in America. @RonWyden and I have sent a bipartisan letter to DOJ urging it to drop this interpretation immediately,” she stated.

Both U.S. senators voiced strong criticism over the increasing challenges posed by cryptocurrency regulations in the country. In a joint letter to U.S. Attorney General Merrick Garland, the senators highlighted what they see as a deviation from FinCEN laws. The letter asserts that the DOJ is incorrectly interpreting FinCEN’s money transmission rules.

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