Pro-Bitcoin (BTC) senator Cynthia Lummis wants a crypto regulation bill passed in the US early next year.
In a new interview with Yahoo Finance, Senator Lummis says the US Securities and Exchange Commission’s (SEC) reach into crypto is just one of the reasons it wants to introduce crypto regulation in early 2024.
“I think the SEC is going too far… We are crying out for a clear regulatory framework here.”
Senator Lummis plans to seek support for the bill from her Senate colleagues in the coming weeks. Lummis is working with Senator Kirsten Gillibrand, a New York Democrat, on “comprehensive” crypto legislation to outline how digital assets should be regulated.
Lummis says clear regulations would help prevent crypto from being used to finance terrorism, which has been a subject of speculation since the escalation of the conflict in Israel.
“It is something that is so clearly needed, as illustrated by concerns that Hamas is using cryptocurrency to help finance the brutal treatment of Israeli civilians and military personnel. It would help.”
Lummis also supports the continued efforts of the House Financial Service Committee led by Committee Chairman Patrick McHenry. According to the senator, she would be happy if both rules were adopted.
“Sen. Gillibrand and I see the small differences between the House and Senate versions specifically related to stablecoins and we know they are solvable. So I think we will be able to get to a resolution on stablecoins now that the House has a new speaker and they are open for business again.”
In a September Fortune interview, Senator Gillibrand, co-sponsor of the Lummis crypto legislation, expressed similar views.
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