Bitcoin will benefit if SEC moves to crypto asset management – US senator Cynthia Lummis

A pro-crypto US senator says that Bitcoin (BTC) will greatly benefit from the US Securities and Exchange Commission (SEC) further regulating crypto assets.

Bitcoin will benefit if SEC moves to crypto asset management – US senator Cynthia Lummis

In a new interview with Coin Stories host Natalie Brunell, Republican Senator Cynthia Lummis of Wyoming says that the crypto industry could use some regulation to weed out fraudulent altcoins. .

Bitcoin would really benefit from having some bad actors regulated, disclosed, and out of the picture. Because some people don't understand the difference between Bitcoin and altcoin.

And there are a lot of altcoins that are just pure scams, they are scams. Therefore, they must be under the control and authority of the SEC. Because the SEC is really good at disclosing information and protecting consumers.”

According to Lummis, regulations that eliminate bad actors in the digital asset industry will help the leading crypto asset by market capitalization realize its true potential to eventually become the new gold standard. .

“The sooner the bad actors are eliminated, the better Bitcoin will look due to its complete decentralization and the qualities that make it digital gold. So regulation is really good for Bitcoin because out of all cryptocurrencies, Bitcoin will emerge as the gold standard. "

Citing his understanding of the importance of Ethereum's (ETH) recent transition to a proof-of-stake consensus mechanism, Lummis said that SEC Chairman Gary Gensler will play a key role in regulating crypto asset correction.

“While Ethereum has advertised the advantages of being proof of stake, rather than proof of work, and that means it is more eco-friendly and people are starting to adopt it, I think there is little understanding of how it might affect your more focused approach.

One of the people that I think really understands is Gary Gensler, the head of the SEC, and his voice on these issues is going to be important in this administration. "

In June, Lummis, along with Democratic Senator Kirsten Gillibrand of New York, proposed the Financial Innovation Act, a bill intended to create broad regulatory guidelines for the virtual asset industry.

Last week, Charles Hoskinson, the co-founder of Cardano (ADA), said that if the bill passes, it would end the current crypto bear market and spark a massive industry-wide rally.

Oct 01, 2022

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