Senator Cynthia Lummis is working to promote Bitcoin and improve crypto regulations. She met with SEC Chair nominee Paul Atkins to discuss fixing the SEC’s rules and her plan for the U.S. to buy one million Bitcoins. Lummis wants clear rules to make the U.S. a leader in digital assets.
Cynthia Lummis had a meeting with Paul Atkins, the President-elect Trump’s nominee for the SEC Chair. There, she discussed reforming the SEC rule-making process and advancing meaningful legislation on digital assets.
Cynthia Lummis meets Paul Atkins
Already, her Bitcoin Strategic Reserve Act is in consideration, and being a proponent of pro-crypto-friendly policies, these are huge steps ahead for the map of cryptocurrencies in the United States.
Lummis said she believes Bitcoin will be played out in the U.S. economy. Her 2024-presented Bitcoin Strategic Reserve Act would have the U.S. Treasury buy one million Bitcoins in five years and keep them safe for 20 years.
It is based on the premise that Bitcoin’s intrinsic scarcity and decentralization will be the inflation hedge against the $36 trillion national debt.
According to Lummis, super-charging this nation’s economic growth by infusing Bitcoin into America’s fiscal policy can make this nation a giant in the global ecosystem of digital assets.
Talk with Atkins sets the tenor for regulations. Atkins has been pro-crypto pro-advocacy; viewed more than one era within the SEC’s operation, and is believed to be fighting and championing balance in in-house innovation across the markets with needed oversight.
This is one of the most significant battles between the SEC and Ripple Labs regarding whether the native cryptocurrency referred to as XRP, offered by Ripple, was a security or not.
Partially because it won, retail sales of XRP did not constitute a sale of a security. However, huge inconsistencies, though, came into the open during the case as to how the SEC regulates its digital assets.
It further added that cryptocurrencies are something nobody controls and cannot be placed under former financial laws. So, Lummis and Atkins probably spoke of filling the gaps and creating a structure that would let innovation bloom but not strangle the market.
This is the follow-up conversation of Lummis’ earlier talk with David Sacks, the administration’s “Crypto Czar.” Sacks is an ex-PayPal executive and supports Lummis’ campaign for Bitcoin integration into the US policy.
The agenda of the day revolved around the Bitcoin Strategic Reserve Act or how Bitcoin can be used as an instrument for stabilizing the economy and paying off the national debt.
Crypto-friendly policies have very much used Sacks’ presence in the administration, and what he would work on would bring much strength to Lummis’ efforts. With Atkins and Sacks on her side, Lummis’s moves may change things for America on cryptocurrency policy.
Paul Atkins’ leadership to shape U.S. crypto policies
The leadership Atkins brings to the SEC is very much on point, as that agency has received criticism, among other ways, through the use of heavy-handed tactics under previous Chair Gary Gensler. In a social media post, she joked about putting the SEC on an “Atkins diet,” pointing out she is looking for a leaner, more balanced framework of regulation.
He invested in Bitcoin in 2013, so the management of the industry will be very cautious of him. He would focus on innovative development while, at the same time, fraud and a volatile market.
The future prospects of Lummis are a two-pronged approach in fiscal policy along with regulatory reforms that would mean avenues for more incorporation of cryptocurrencies in the United States.
In her Bitcoin reserve proposal, she is learning from El Salvador embracing Bitcoin as she would like the United States to lead in digital assets.
Since the digital assets of the United States are growing rapidly, it demands a framework to understand its nature and potential. The advocacy through Lummis and fresh faces in the SEC can bring the much-needed integrated approach to regulate cryptocurrencies.
Combining fiscal innovation and clear rules, this country will stand at the top of crypto leaders’ rank across the globe and bring it into line with the evolution of its economy and technological muscle.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 