Senator Lummis Releases Bitcoin Laser Eyes After Crypto Legislation Passes

US Senator Cynthia Lummis recently posted “Bitcoin laser eyes” on X, showing her support for laws that support the cryptocurrency.

The move follows the passage of HJRes legislation. 109 in the Senate, which aims to cancel the Personnel Accounting Bulletin (SAB) no. 121 of the SEC.

Senator Lummis Advocates for Bitcoin Legislation

US Senator Cynthia Lummis, representing Wyoming, is known for her advocacy of Bitcoin. It views the asset as a reliable store of value and a safeguard against inflation. As a member of the Senate Banking Committee, he aims to enforce a regulatory framework that encourages crypto innovation while protecting consumers.

We are so ₿ack. pic.twitter.com/ckHmXMHFL8

— Senator Cynthia Lummis (@SenLummis) May 16, 2024

The Senate recently passed legislation aimed at dismantling SAB 121, which imposes strict restrictions on financial institutions, preventing them from acting as custodians of digital assets such as Bitcoin. Under the Congressional Review Act, HJRes. 109 aims to remove these barriers, allowing regulated financial firms to offer cryptocurrency custody services.

Prior to the passage of the legislation, Senator Lummis expressed her support for repealing SAB 121. She denounced it as a disguised accounting guidance rule drafted and implemented by SEC staff without approval of the majority commission.

Recently, Sen. Lummis, along with Sen. Ron Wyden of Oregon, wrote a letter to U.S. Attorney General Merrick Garland expressing concern about the perceived divergence in the Department of Justice’s interpretation of the regulations of ” transmission of money”. They argued that this departure from FinCEN’s established definition could criminalize fundamental aspects of crypto networks, affecting responsible financial innovation in the US.

The White House cites investor protection concerns

Meanwhile, the White House has made clear its opposition to the approved legislation. A recent statement indicated that President Biden would veto the bill if it reached his desk. It could be argued that overturning SAB 121 undermines the SEC’s efforts to protect investors in cryptoasset markets and safeguard the broader financial system.

Critics of SAB 121 believe the rule is overly restrictive and limits the ability of financial institutions to meet the growing demand for Bitcoin services. They argue that these institutions, with their established compliance frameworks and security protocols, are well equipped to manage the risks associated with the custody of digital assets.

Despite Senate approval, the future of HJRes. 109 remains uncertain due to possible presidential veto. If President Biden follows through on his veto pledge, it would halt progress on the resolution, maintaining current restrictions on the custody of digital assets by financial institutions. Biden has the option to sign the bill, veto it or take no action, in which case the bill would become law without his signature.

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