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Group at Soda Dams, Jemez River area, New Mexico

Photographer: Charles F. Lummis Date: ca. 1890

Clarity Act Eyes May Markup as Lummis and Tillis Split on Timing

Clarity Act markup may shift to May as Lummis and Tillis differ on timing while OCC starts proposed GENIUS Act rulemaking. The Clarity Act is moving toward a possible May markup as Senate talks continue.  Senator Cynthia Lummis wants a faster path, while Senator Thom Tillis supports more time. The split comes as lawmakers weigh […]

Lummis rejects DeFi fears as CLARITY Act debate intensifies Crypto lawyer warns developers still face risks under new bill Lawmakers push revisions while uncertainty surrounds DeFi regulatory treatment Senator Cynthia Lummis moved quickly to counter growing concerns surrounding the Digital Asset Market Clarity Act. Her remarks followed criticism from crypto lawyer Jake Chervinsky, who questioned…

Key Highlights Senator Cynthia Lummis, a key ally for cryptocurrency in the U.S. Senate, is retiring next year. Lummis has been instrumental in pushing crypto-friendly legislation and will continue to work on important bills until her term ends. Her departure leaves an open Republican seat in Wyoming, where she won nearly 73% of the vote in 2020. The Cryptocurrency Champion Steps Down In a…

In brief U.S. Senator Cynthia Lummis (R-WY) has urged the Consumer Financial Protection Bureau to finalize its open banking rule, warning that banks have restricted access to industries they oppose, including digital assets. The rule, finalized on October 22, 2024, allows consumers to share financial data with third-party apps via APIs, critical infrastructure for connecting bank accounts to…

Sen. Cynthia Lummis lambasts SEC around enforcement steps towards Coinbase

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Senator Cynthia Lummis has expressed her impression on the latest enforcement steps by the Securities and Trade Fee (SEC) from Coinbase. In accordance to her, the exchange’s compliance attempts with polices really should have been acknowledged by the regulator. She further mentioned that the SEC’s actions go towards America’s business ethics.

Sen. Lummis phone calls for amenable regulations 

For the duration of a latest interview with Yahoo Finance, Wyoming Senator Cynthia Lummis expressed her confusion pertaining to the SEC’s steps against Coinbase. She stated, “I’m scratching my head about why they would do that with Coinbase.”

Senator Cynthia Lummis commented on the SEC’s current actions in opposition to Coinbase, stating that the trade experienced attempted cooperating with regulators. 

Even so, irrespective of recurring requests for advice on compliance by the trade and other field players, the SEC unsuccessful to offer enough responses and rather took the enforcement action route.

Lummis believes this approach to regulation demands to be far more useful and conducive to superior small business techniques, as it would only stifle the development of progressive technologies like bitcoin (BTC) in the nation.

Equally, the senator acknowledged that she could fully grasp why the SEC was concentrating on Binance, as it is a big worldwide enterprise not primarily based domestically, as opposed to Brian Armstrong’s Coinbase. 

SEC’s endless enforcement actions 

It will be recalled that the U.S.SEC filed a lawsuit from Binance and its founder, Changpeng Zhao, on Jun. 5, accusing them of functioning unregistered exchanges, broker-sellers, and clearing companies, misrepresenting trading controls and oversight on the Binance.US system, and the unregistered supply and sale of securities.

The SEC also accused Binance of allowing  U.S. clients to trade crypto on an trade that is intended to be off-restrictions to U.S. investors. The lawsuit also alleged that Binance and Zhao engaged in an comprehensive website of deception, conflicts of fascination, absence of disclosure, and calculated evasion of the law.

The SEC’s lawsuit against Binance and Zhao has left Binance “in the fight for their lives,” in accordance to some gurus. The SEC also questioned a federal court docket to freeze assets held by Binance.US, according to an crisis motion submitted by the company on June 6, 2023.

Preserving traders and fostering innovation

Senator Cynthia Lummis has talked about the want for regulatory clarity in the United States. She has confirmed that an updated version of her 2022 crypto regulation bill will be manufactured public soon. 

The senator shared that lawmakers are building a framework to ascertain whether or not a cryptocurrency is a commodity or a security, which will serve as a foundation for future regulation and preserve the Howey check.

https://www.youtube.com/enjoy?v=bTxzxZTI3G0

Lummis has said that the up to date monthly bill addresses fears lifted right after its original submission, like issues associated to the illicit use of electronic assets. The monthly bill will bolster consumer security steps and establish a self-regulatory corporation to information new systems as a result of the regulatory approach.

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Senator Lummis questions government's role in regulating energy use in crypto mining

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In a March 7 Senate hearing committee on cryptocurrency and the environment, Senator Cynthia Lummis (R – Wyoming) emphasized that energy efficiency standards must not be utilized to target particular energy use cases like crypto mining.

During the committee, evidence was presented by both sides on how the crypto-asset industry impacts the environment.

Witnesses discussed energy consumption, efficiency, and the potential for overregulation in the industry. The hearing also touched on the negative effects of crypto mining sites on air, water, and noise pollution.

According to Chair Ed Markey (D-MA), the Senator responsible for introducing the bill last December, “In the United States, carbon dioxide emissions for bitcoin mining are equivalent to the annual emissions from as many as 7.5 million gasoline-powered cars.”

Crypto-Asset Environmental Transparency Act

That bill seeks to enforce the disclosure of emissions by crypto miners and obligate the Environmental Protection Agency to evaluate the consequences of crypto mining.

The Crypto-Asset Environmental Transparency Act would require miners utilizing over 5 megawatts of power to disclose data about their emissions, while the EPA would be required to study the impact of such miners on greenhouse gas emissions.

During the March 7 hearing, Senator Cynthia Lummis, a Republican from Wyoming and a standing member of the financial innovation caucus, questioned Rob Altenburg, director of the Penn Future center, an environmental think tank, about the logic underlying the bill in its current form.

Lummis asked whether it was Congress’ role to legislate how energy use is deployed. In her questioning, she noted the similarities between mining for cryptocurrency on a computer and electric vehicles.

“There is a long history of that,” Altenburg replied. “We have energy efficiency standards for appliances. For most air pollution, there is a legal requirement that they install the best available technology to reduce the pollution before they operate,” Altenburg responded.

Senator Lummis alludes to double standards in EV market

Lummis also noted it should not be Congress’s job to meddle in how electricity is used.

“Shouldn’t EVs [sic.] also have the same monitoring that is being requested by this bill?” Lummis asked.

“All sources of electricity, whether it’s the lights or the speaker system here, are going to use electricity and produce a certain amount of work for that electricity,” Altenburg responded, but said that “the issue with bitcoin and proof of work cryptocurrency is the work that we are doing is not actually necessary to have cryptocurrency or to have blockchain technology.”

Courtney Detlinger, vice president of the Nebraska public power district, testified before the hearing that she believes crypto mining can also serve a net benefit to the environment, especially when diverting natural gas that would otherwise be emitted into the atmosphere.

“I certainly don’t speak for the entire power sector, but within the state of Nebraska, we’ve actually seen benefits,” Detlinger told the hearing. “We have not seen the drawbacks that have been mentioned during the hearing today, and most of those have just been managed locally, whether by the municipality, by the county, or by the Nebraska department of environment and energy.”

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