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Pro-Crypto Sen. Cynthia Lummis Claps Back At Sen. Elizabeth Warren: 'Crypto Is Clearly Not The Problem'

Published 23/01/2024, 20:00
© Reuters. Pro-Crypto Sen. Cynthia Lummis Claps Back At Sen. Elizabeth Warren: 'Crypto Is Clearly Not The Problem'
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Benzinga - U.S. Sen. Cynthia Lummis (R-Wyo.) rebuffed Sen. Elizabeth Warren's (D-Mass.) claim that crypto is used for nefarious purposes. "Crypto is clearly not the problem," according to a post on X (formerly Twitter).

What Happened: Lummis quoted a snippet from a Congressional hearing at which Warren discussed the use of cryptocurrencies for money laundering, refuting the latter's claims cryptocurrencies were the main culprit:

This comes only a day after Warren cited a report that cryptocurrencies are used to undermine national security. The tweet prompted a harsh response from the cryptocurrency community and industry leaders.

Coinbase's Chief Legal Officer Paul Grewal saw "zero analysis whatsoever" performed.

Read Also: Bitcoin Experts Say Price Plunge To $39,000 Is 'Healthy For The Market': Here's Why

Why It Matters: Lummis had a long history of being friendly towards cryptocurrencies. Back in November 2023, she stated the Securities and Exchange Commission (SEC) "cannot continue ruling by enforcement," foreshadowing the eventual spot Bitcoin ETF approvals.

She was also on the record for calling Bitcoin (CRYPTO: BTC) "sound money."

Her latest post comes only a few days after a Chainalysis report found that more than 99% of on-chain cryptocurrency is used for legal purposes.

While the report does not differentiate how much cryptocurrency is used for money laundering in the real world, Lummis believed dismissing it for the mere possibility would be a "historic mistake."

What's Next: The SEC was still fighting lawsuits against Binance and Coinbase. The outcome of those will be a yardstick for how much the views of Lummis align with those of the judicial powers in the U.S.

Read Next: 'Vivek Wanted This:' Trump Pledges Yet Again To Reject CBDCs, Calls Them 'Dangerous Threat To Freedom'

Photo: Courtesy office of Sen. Lummis; Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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