Senator Endorses Bitcoin: Cynthia Lummis Pushes for Stablecoin Legislation

US Senator Cynthia Lummis is drafting regulations for stablecoins, a type of cryptocurrency tied to assets such as fiat currency. With her expertise in digital currency and blockchain technology, Senator Lummis aims to ensure the stability and security of stablecoins in the financial market. Her proposed regulations will focus on consumer protection, anti-money laundering measures, and regulatory clarity. By establishing a robust framework for stablecoins, Senator Lummis envisions a safer and more transparent digital currency ecosystem.

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United States Senator Cynthia Lummis is drafting regulations for stablecoins, a type of cryptocurrency that is backed by real-world assets to ensure price stability.

Lummis has been working with Senator Kirsten Gillibrand for several months on a bill to provide clarity on regulations for stablecoins and protect investors, Axios reported on March 7.

Lummis and Senator Kirsten Gillibrand at the 2022 DC Blockchain Summit. Source: Axios

For Lummis and Gillibrand, the work on stablecoin regulations is not their first foray into drafting legislation related to cryptocurrency. In July 2013, the senators announced a joint effort to reintroduce legislation to establish a comprehensive legal framework for digital assets.

Lummis has emerged as a prominent pro-Bitcoin lawmaker in the United States, voicing support for Bitcoin on multiple occasions.

In October 2021, Lummis thanked God for Bitcoin as President Joe Biden approved another round of debt ceiling increase for the country. Lummis called on the US government to embrace Bitcoin as it is decentralized and not controlled by any government.

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