US Senator Cynthia Lummis: ‘I am a HODLer’
15:25, 2 December 2022
Cynthia Lummis, the junior US Senator for Wyoming, said: “I am a HODLer” – the crypto term for Hold On For Dear Life and an encouragement to other crypto investors not to sell when prices fall.
Lummis made these remarks at the Financial Times Crypto and Digital Assets Summit: Winter Edition on Monday 28 November.
Lummis is the first woman to serve as US Senator for the State of Wyoming.
The Senator submitted a bipartisan crypto bill, alongside Democrat Senator Kirsten Gillibrand of New York, in June 2022 called the Responsible Financial Innovation Act which aims to create a regulatory framework for crypto.
Lummis also repeated the phrase used by Gary Gensler, chair of the US Securities and Exchange Commission (SEC), that crypto is like the “wild west” as there is currently “inadequate or no regulation surrounding crypto”.
The Wyoming Senator added that if her bill is passed into law and FTX had been complying with it then the cryptocurrency derivatives exchange would not have ended up filing for bankruptcy.
The Republican also added that her bill “can prevent future failures like FTX from happening”.
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Wants to get regulation started in 2023
Lummis detailed how she wants “to get started on regulation in this [crypto] industry in 2023”.
If the bill is passed it would mean if a crypto firm did file for bankruptcy, then its “assets would be protected”.
Lummis said: “It is just the time to regulate in this space” and that she hopes this bill if passed “will tell other senators to learn more about crypto”.
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BTC is a commodity
The Republican Senator also said bitcoin (BTC) is “clearly a commodity” and so falls under the responsibility of the Commodity Futures Trading Commission (CFTC).
At the same event, Rostin Behnam, chair of the CFTC said he felt numerous cryptos were securities but both BTC and ethereum (ETH) were commodities.
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