Interviews Archives

As Congress picks up speed this month in spite of election year hurdles, Senator Cynthia Lummis (R, WY) has been busy thinking about – and working on – next steps for digital assets legislation among the many initiatives and responsibilities she and her team oversee.

Her “Lummis-Gillibrand Responsible Financial Innovation Act” [S.2281] has been been a key, proposed framework for digital assets in the Senate and Congress.

The bill, first introduced in the 117th Congress, and updated for the 118th, is a comprehensive, digital assets regulatory framework co-sponsored by New York Democratic Senator Kirsten Gillibrand. “Lummis-Gillibrand,” as it is known, appears to have weathered the buffeting winds of FTX, a bear market, Congressional skepticism and the seemingly recalcitrant Securities and Exchange Commission (SEC) – to name a few.

Senator Lummis sat down with blockchain tipsheet at the Capitol today to discuss all things digital assets and Congress including:

- The Bitcoin ETF watershed moment
- State of digital assets legislation today
- Lummis-Gillibrand and funding regulation with “wash sale” rule
- Stablecoin bill update
- Reflections on the NDAA digital assets AML amendment
- Binance, Tether and illicit finance
- SAB 121 and next steps

The interview has been lightly edited for clarity.

blockchain tipsheet: Is the approval of Bitcoin spot market ETF’s a watershed moment for digital assets?

Senator Cynthia Lummis: I think it’s important because it gives consumers who are not ready to dive in with both feet – who are not ready to self-custody – exposure to Bitcoin through an exchange-traded fund, which is a very well known vehicle to get exposure to valuable assets.

It’s important for consumer assurance that this is an asset worth holding in a diverse asset allocation and that now they can have exposure to it without having to be an expert. [It also] helps integrate Bitcoin into the traditional asset management world. So, I do think it’s a watershed moment. Continue reading “Interview: Senator Cynthia Lummis Is Optimistic About Digital Assets In Congress This Year”

With a holiday recess approaching in the U.S. House of Representatives, Majority Whip Tom Emmer (R, MN) is still making the most of the 2023 Congressional calendar while preparing for next year.

He knows the drill.

Emmer, who has been a key advocate for digital assets legislation, first joined Congress in 2015 and served as Chairman of the National Republican Congressional Committee in the 116th Congress and 117th Congress. He currently sits on the House Financial Services Committee.

Digital assets legislation he has sponsored in the current Congress includes Blockchain Regulatory Certainty Act [H.R. 1747], CBDC Anti-Surveillance State Act [H.R. 5403] and Securities Clarity Act [H.R. 3572].

Whip Emmer sat down with blockchain tipsheet at the Capitol on Tuesday to discuss the state of digital assets including:

- 2023 digital asset highlights
- Member education on digital assets
- Congressional staff and legislation
- Looking ahead
- Crypto, AML and terrorist financing legislation
- CBDCs
- National security

The interview has been lightly edited for clarity.

What are your highlights for 2023 when it comes to digital assets?

Majority Whip Emmer: I had high hopes coming into the 118th Congress because of our new [House Financial Services] Chairman. Patrick McHenry (R, NC) is someone who understands the digital asset space.

Patrick and I have been close since I came to Congress -he was assigned to me as my mentor when I got here… I was excited because I know that this was a passion of his. I was also excited because even though we’ve had a fight it seems with the White House under the last Administration and now under this Administration, and with some certain Senators – and some in the House but not quite as much. Republicans and Democrats in the House are learning very quickly about the space.

So, highlights of this year are watching Republicans and Democrats on the House Financial Services Committee literally collaborate on digital assets issues. We may not see it in the actual committee votes, but it’s happening with French Hill (R, AR), with Patrick McHenry, Richie Torres (D, NY) and Josh Gottheimer (D, NJ), Jim Himes (D, CT) – Himes has been very helpful – and Greg Meeks (D, NY). You could keep going on.

We passed a CBDC bill out of committee to outlaw central bank digital currencies, which is something that I’m adamant about. We’ve gotten a lot of support for it. And then Patrick McHenry managed to set us up for market structure and, potentially, stablecoin legislation. And there could be others on the way, but that’s just this year.

For the first time since I arrived in Congress eight years ago, we have some very consequential things in the space that are moving forward. Continue reading “Majority Whip Tom Emmer Discusses The State Of Digital Assets In Congress Today”