Senator Lummis: America has ‘passed the chasm,’ Bitcoin won’t be banned

Wyoming Senator Cynthia Lummis stated that the United States has passed the Bitcoin (BTC) border, stating that the asset is here to stay and has no place being banned.

Lummis made the remarks on Twitter on June 8, in response to Microstrategy CEO Michael Saylor, who said that people are starting to see Bitcoin’s authenticity and uniqueness.

“I don’t want to understate how tough the road is ahead for our bill but I do agree that America has crossed the ‘chasm’ of ‘is this real’ (yes) and ‘will it be banned’ (no). The questions/challenges are different now,” Lummis said.

Senior state authorities concur, per Saylor, that Bitcoin is essential to the United States’ financial future, therefore the government’s involvement with the leading cryptocurrency is anticipated to be good.

The crypto bill has a long way to go before becoming law.

The senator’s appraisal of Bitcoin’s present status comes only one day after the congressman filed the crypto regulatory bill. The legislator who supported Bitcoin admitted that the proposed legislation had a long way to go before becoming law.

According to Finbold, Lummis named Bitcoin “the hardest money ever made” for creating a new spectrum as a store of value.

This bill, co-sponsored by New York Senator Kirsten Gillibrand, intends to pave the way for the integration of digital currencies into the financial system.

The bill seeks to provide clarity and transparency to cryptocurrency laws and classification as commodities as opposed to securities.

In addition, between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission, the new law would determine the proper regulatory agency for the digital currency industry (SEC).

The crypto legislation is a positive development.

Sabre56’s chief executive officer Phil Harvey alerted Finbold about the present law.

“Whilst there is some current legislation in the crypto space, it is secular and often confusing. Many regulatory bodies are unable to unanimously decide on the use and clarification of crypto assets, amid much confusion and misinformation from all sides. The new, proposed crypto bill is a positive step in regulating our industry – not just to guide users – but also for regulators to be governed by.”

Harvey continued:

“The bill will inevitably be deliberated for a period of time. This will enable regular and enhanced awareness of the crypto space, as the topic is reviewed, and clarity sought.”

In the lead-up to the bill’s publication, agencies, including the Federal Reserve, have hinted at their intention to advocate for harsher regulations. Christopher Waller, the institution’s governor, has cautioned that large-scale crypto losses may become unethical if urgent action is not taken.