U.S. Senator Cynthia Lummis denounced regulators, like the Securities and Exchange Commission (SEC), for preventing banks from offering crypto, calling the forced closures of banks for their digital assets "just wrong."
Lummis said that organizations like the Federal Reserve and the SEC have warned banks against dealing with cryptocurrencies (even closing down solvent banks) due to their dealings with digital assets. She referred to these acts as unfair and harmful to creativity.
Senator Lummis has been a proponent of cryptocurrency in Congress. She co-introduced the Lummis-Gillibrand Responsible Financial Innovation Act, a bipartisan bill to regulate digital assets, and also introduced the BITCOIN Act .
Lummis began as the chair of the Senate Banking Subcommittee on Digital Assets in Jan 2025. The subcommittee promotes responsible innovation in crypto and makes sure that digital asset companies can access the banking services from federal regulators.
Lummis, who has been often labeled as the Senate's "crypto queen, " has stated that the foundation that has been built over the past four years is finally yielding progress and that the time for digital assets in the U.S. is here.
At press time, the global crypto market is standing at $3 trillion, showcasing an uptick in interest in the digital asset industry.
As per Kraken's price feed , Bitcoin was trading at $96,592.62 at press time, 3% up in a day. Ethereum was exchanging hands at $1,843.58 at press time, up 5% in a day.
