Pro-Bitcoin (BTC) Senator Cynthia Lummis wants a crypto regulation bill to pass early next year in the US.
In a new interview with Yahoo Finance, Senator Lummis says that the overreach by the U.S. Securities and Exchange Commission (SEC) into crypto is just one of the reasons she wants to introduce crypto regulation by early 2024.
“I think the SEC is overreaching… We’re crying out for a clear regulatory framework here.”
Senator Lummis plans to garner support for the bill from her colleagues in the Senate in the coming weeks. Lummis is working with Senator Kirsten Gillibrand, a New York Democrat, on “sprawling” crypto legislation to outline how digital assets are to be regulated.
Lummis says that clear regulation would help prevent crypto from being used in terrorist financing, which has been a topic of speculation since the escalation of conflict in Israel.
“It is something that is so clearly needed as illustrated by the concerns that Hamas is using cryptocurrency to help finance its savage treatment of Israeli civilians and military personnel. It would help.”
Lummis also supports the ongoing efforts in the House Financial Service Committee led by Committee Chair Patrick McHenry. According to the Senator, she would be okay with either set of regulations passing.
“Sen. Gillibrand and I see the small differences between the House and the Senate versions specifically related to stablecoins and we know they’re resolvable. So I think we’re going to be able to get to a resolution on stablecoins now that the House has a new speaker and they’re again open for business.”
In a September Fortune interview, Senator Gillibrand, co-sponsor of Lummis’ crypto legislation, expressed similar views.
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