'The failure of the United States Congress to enact policy is pushing the industry to other countries. Europe is ahead of us... Australia and the U.K. are getting ahead of us,' says SenLummis. roadtoconsensus interview with jeffwilser
Then came the implosion of the FTX exchange, the crash of cryptocurrency prices and the bracing cold of crypto winter. The onslaught of negative news had a real impact. FTX and other failures had a “chilling effect” on Congress’ appetite to draft policy, says Lummis, but she remains confident legislators will get something done in this session of Congress.
Will it work? Does it have a chance to get signed into law? In an exclusive Zoom interview with CoinDesk, Lummis explains what draws her to cryptocurrency, argues why the industry needs a regulatory framework ASAP and drops some tantalizing clues as to what we can expect from her legislation.
So there we were in Cancun, and I never went out on the beach. We were in a windowless conference room and I was just learning about this technology and became fascinated by it.Well, it's permissionless. I don't have to trust other people to hold my money. I think it's a great store of value. The fact that it is mined is a concept that, coming from Wyoming, is very familiar to me. Wyoming is a mining state. We understand the value of things that are stored in the ground.
We're going to reintroduce it in April, probably mid-April. It'll be lighter and meatier. We’re shoring up some of the definitions, for example, that the [Securities and Exchange Commission] wasn't crazy about. That's the purpose of a stablecoin. And so, we're hopeful that our approach will be well understood and make sense to our colleagues. We nearly had a stablecoin bill put together in the last Congress, but we just ran out of time and runway to get it done.
I remain optimistic. And I couldn't agree more that FTX and some other colossal failures last year had a chilling effect on Congress' appetite to engage in policy regarding cryptocurrency.Simply because Senator Gillibrand and I remain committed to this. We're working with both the chair of the House Financial Services Committee, [Rep. Patrick] McHenry )R-N.C.], as well as French Hill [R-Ark.], who is heading the subcommittee on crypto on the House side.
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