HomeCryptoCynthia Lummis: the senator defends crypto on the money laundering speech

Cynthia Lummis: the senator defends crypto on the money laundering speech

Cynthia Lummis, Republican senator from the USA, defends cryptocurrencies against the claims of Democratic senator Elizabeth Warren. According to Lummis, the problem of money laundering does not depend on cryptocurrencies. 

Cynthia Lummis: Republican senator defends crypto against Elizabeth Warren’s claims 

According to what has emerged, it seems that Republican Senator Cynthia Lummis has entered the field to respond to the statements of Democratic Senator Elizabeth Warren regarding crypto.

“US Senator Cynthia Lummis responds to Elizabeth Warren, stating that fiat currency has laundered over 900 million dollars, compared to only 900,000 dollars of crypto. ‘Cryptocurrencies are clearly not the problem. It’s the criminals and bad actors.'”

In practice, Lummis would have defended cryptocurrencies by arguing that they are not the cause of the money laundering problem.

On the contrary, according to him, the fiat currency would have recycled over 900 million dollars compared to only 900,000 dollars of cryptocurrencies. 

For this very reason, the Republican senator has stated that the real problem behind money laundering are only criminals and bad actors. 

These statements come in response to the declarations of Senator Elizabeth Warren, famous for her media terrorism against cryptocurrencies. In terms of regulation, in fact, last December Warren had even attacked crypto companies that hire former government officials.

Cynthia Lummis: the crypto bill in 2022

On the contrary, Lummis has always been supportive of the crypto sector, seeking ways to regulate them. 

In June 2022, in fact, her bipartisan crypto bill proposal had been unveiled, together with Senator Kirsten Gillibrand.

In practice, this proposal addressed the jurisdiction of the CFTC and SEC, the regulation of stablecoins, the banking sector, the tax treatment of digital assets, and coordination among various agencies. 

The goal was to integrate cryptocurrencies into the legal framework, in order to provide industry certainty and protect consumers with flexibility, innovation, and transparency. 

With the Lummis-Gillibrand law, the aim was to establish a clear standard to determine which digital assets were commodities and which were securities. 

“The decentralization of Bitcoin makes it unstoppable”

In addition to trying to regulate cryptocurrencies, Lummis has made headlines for her theory on Bitcoin.

In an interview last October 2022, Republican senator Cynthia Lummis stated that Bitcoin cannot be stopped by any government and that she liked this aspect compared to fiat currency.

Lummis explained how concerned she was about the US national debt and inflation. At the same time, the senator assessed how the decentralization of Bitcoin could make it an unstoppable and deflationary asset. 

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.