Cynthia Lummis said in a statement that the main problem in the crypto industry is not assets but malicious people. In this context, the Senator thinks that malicious individuals and institutions that engage in illegal activities in the sector should not be allowed to overshadow the innovative potential of crypto assets.
Lummis called on the security services to make a concerted effort to crack down on those who use the crypto sector for their nefarious purposes, emphasizing that this is vital to the development of the industry. The US Senator has previously stated that he believes that harmonized regulations for the crypto sector will pave the way for the growth and development of crypto companies and that illegal activities can be prevented in this way.
While Senator Lummis was one of the names that voiced the need for regulation for the cryptocurrency sector from the highest tone, he reintroduced the "Lummis-Gillibrand Responsible Financial Innovation Act" to the US Senate last year.
This bill aims to establish a regulatory framework with clear definitions for crypto assets in general and to prevent the use of crypto in illegal activities. However, not everyone in the US Senate agrees with Cynthia Lummis.
One of the anti-crypto figures, Senator Elizabeth Warren, has proposed harsh sanctions, including a ban on the sector, citing money laundering activities using cryptocurrencies. Cynthia Lummis responded to this debate by emphasizing that the criminal element is not crypto-specific, but that similar activities are also carried out using fiat money, and that this is a structural problem.
While there is not yet a clear and comprehensive regulatory framework for cryptocurrency markets in the US, work in this area seems to be progressing quite slowly.
