U.S. Regulatory Circus Continues as Senator Flip Flops on Crypto U.S.
- Cynthia Lummis voices her support for crypto regulation after the Ripple decision, advocating the Lummis-Gillibrand bill.
- A Twitter exchange between Lummis and Mr. Huber highlights discrepancies in her statements on crypto classification.
- The debate intensifies as Lummis initially deems most cryptos as commodities, then later refers to them as securities, causing controversy.
United States’ Senator Cynthia Lummis took to Twitter earlier to voice her opinion on the recent Ripple decision. She stated, “The Ripple decision has reinforced the need for Congress to create a regulatory structure for crypto assets.”
Lummis further advocated for the Lummis-Gillibrand bill, describing it as a “comprehensive, bipartisan bill that protects consumers while allowing the industry to continue to drive the innovation our economy needs.”
However, not everyone agrees with Senator Lummis’s perspective. A Twitter user by the name of Mr. Huber @Leerzeit, responded with a bold accusation, “You are trying lying. You are trying to deceive the public.” He shared a video showing a discrepancy between Senator Lummis’s statement in one video and another interview.
In the first half of the video, Lummis is seen stating that most cryptocurrencies are commodities, which would put them under the jurisdiction of the Commodities Futures Trading Commission, trading spot markets or futures markets.
What seems like a discrepancy is that in the second video, she stated that the crypto community read the picture completely differently. She stated that there are commodities out there, and Bitcoin, ether, and a few others are among them. She also stated that if there are 15,000 cryptocurrencies, that means fourteen thousand nine hundred and something are securities. She added that that is a lot of work for the SEC to do.
Huber highlighted the inconsistent statements by Lummis, where she initially stated that most cryptocurrencies were deemed commodities, only to later flip her stance and declare most of them as securities.
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