US Congress Building Pro-Crypto Army, Lawmaker Says

Crypto is gaining momentum among U.S. lawmakers. Senator Cynthia Lummis stated: “We are building a pro-crypto army in Congress.” This declaration came shortly after the House of Representatives passed the landmark Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill, despite opposition from the White House and SEC Chairman Gary Gensler.

‘We Are Building a Pro-Crypto Army in Congress’

Cryptocurrency is gaining increasing support in the U.S. Congress. Senator Cynthia Lummis (R-WY), known for her support of bitcoin and cryptocurrencies, wrote on social media platform X Thursday: “We are building a pro-crypto army in Congress.”

This announcement followed closely on the heels of a significant development in the House of Representatives, which passed the landmark Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill despite notable opposition from the White House and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler.

Senators Lummis and Kirsten Gillibrand have taken proactive steps by introducing a bill aimed at balancing financial innovation and consumer protections. Following the House’s approval of FIT21, Lummis expressed a positive outlook on America’s role in cryptocurrency, stating that she and Senator Gillibrand “have worked tirelessly to craft a crypto asset bill that provides commonsense solutions to unleash financial innovation without eroding consumer protections.” The senator from Wyoming added:

I am encouraged by the House’s shared interest in positioning the U.S. to be a global leader in crypto.

In contrast, U.S. Senator Elizabeth Warren has publicly voiced her concerns about cryptocurrencies, positioning herself against their widespread adoption. In response to Warren’s anti-crypto stance, former President Donald Trump’s campaign has embraced cryptocurrency by accepting donations through Coinbase Commerce.

Recently, both the Senate and the House voted to overturn the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121). Lummis celebrated this as a significant victory for financial innovation and a clear rebuke of the way the Biden administration and SEC Chair Gensler “have persecuted crypto.” She emphasized that this marks the first time Congress has passed standalone crypto legislation and indicated that further efforts are forthcoming.