A US Senator has expressed his belief that blockchain-based digital assets and the crypto industry will be “as important as the Internet itself”.
Cynthia Lummis, a Republican Senator from Wyoming, is one of the architects of the landmark bill that promises to end the confusion between cryptocurrencies as commodities and securities and create a regulatory framework for all digital assets.
In this week’s episode of The Crypto Mile, the senator discussed the sweeping changes that the bipartisan Responsible Financial Innovation Act will bring to the crypto industry.
Speaking to Yahoo Finance, Lummis said Americans want a strong regulatory framework to not repeat the mistakes made in the early internet, lax regulation, and unethical use of customer data. Germany has been allowed.
Lummis said: “Given the lax regulatory approach in the early days of the Internet, I think a lot of people would want an overhaul and no waiver of the potential liability of the social media giants. association for not protecting enough data.
“After learning some lessons from the infancy of the internet and now seeing digital assets
as something that will be as important as the internet itself, we wanted a situation where we were in constant dialogue and let’s build a regulatory framework that’s both robust and privacy-responsive.”
Lummis, along with US Democratic Senator from New York Kirsten Gillibrand, is the architect of the Financial Innovation Act. Responsible Government, also known as the “Crypto Bill”.
She describes the bill as potentially having a huge impact on the crypto industry as it will provide regulatory clarity regarding which authority crypto assets will need to comply. , in specific cases.
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