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Senator Cynthia Lummis recently expressed her belief that a Donald Trump presidency will be transformative for both Bitcoin and the country more broadly.
Lummis suggested that Trump is pro-Bitcoin and that his administration will encourage innovation by reducing regulatory barriers.
“Trump said a lot of pro-Bitcoin things,” Lummis said. Lummis predicts that the Trump administration will appoint key figures to critical financial regulatory agencies such as the Federal Reserve, Treasury, Office of the Comptroller of the Currency, SEC, Commodity Futures Trading Commission and FDIC. The senator argued that these appointments will be crucial to unraveling the complex regulatory environment currently stifling the digital asset space.
The senator criticized the current regulatory approach, specifically targeting the SEC for its tendency to impose fines and enforcement actions without providing clear regulatory guidelines. “People want to comply with the law, but if you don't know what the law is, you're stuck in the dark trying to hit the compliance target,” he said. Lummis argued that such an approach stifles innovation and called for a regulatory framework that supports technological progress.
Underlining Trump's pro-business and innovative nature, Lummis expressed that he is confident that his administration will direct regulatory institutions to encourage innovation rather than hinder it. “Don't stifle innovation with regulations,” he urged. He also said he thinks Trump will play a key role in shaping long-term legislation that creates “a framework of opportunity for innovation.”
While Lummis defended consumer protection and adequate disclosures, he expressed the importance of not making regulations that would limit innovation. “This has been the most innovative country the world has ever seen,” Lummis said, adding that he is committed to a balanced regulatory approach that continues to support the United States as a global leader in innovation.
*This is not investment advice.