Crypto Plays An Important Role In The US Economy! – Senator Cynthia Lummis


"The US economy is in a mess right now, maybe crypto can help restore it."

Cynthia Lummis, the United States (US) Senator who asserted that cryptocurrency will become an important part of the country's economy also revealed that the US Presidential election succeeded in shaping a narrative in favor of digital assets.

As Congress has recently moved to make progress on the bill, Lummis said pro-industry lawmakers have enlightened colleagues and are now reaping the benefits.

He added that nobody understood anything about digital assets when he came to the US Senate and they didn't even know the difference between Bitcoin (BTC) and altcoins, so Lummis wanted to work hard to educate members of the Senate.

In addition to creating the Financial Innovation Caucus, Lummis and Senator Gillibrand explained the use of BTC as a store of value and a means of exchange that is driving its adoption among new users.

Lummis also shed some light on Ethereum (ETH) as a blockchain that can use several applications.

In the last few years, the global use of BTC has skyrocketed due to inflation as users began to turn to the digital asset as a hedge against inflation as well as a store of value.

Pleased to note the crypto market in the US was a big winner this month following the approval of the spot ETH ETF by the SEC plus the pro-crypto bill also made significant progress indicating a better regulatory environment.

The House of Representatives passed the Financial and Technological Innovation for the 21st Century Act (FIT21) while the US Senate voted to repeal Gary Gensler's Staff Accounting Bulletin No 121 (SAB 121) which made it harder for banks to be crypto custodians.