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Cynthia Lummis

Cynthia Lummis (R)

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Notable statements

Sen. Cynthia Lummis has 13 statement(s) about crypto.

"Right now in Wyoming, Bitcoin companies are using flared methane from natural gas operations to power their computers. They are keeping methane out of the atmosphere while actively mining Bitcoin. #POLITICOTech"

@SenLummis March 24, 2022 on Twitter

"$60 billion collapse of major cryptocurrency is not the industry's Bear Stearns moment — senators and regulators explain why"

@SenLummis May 31, 2022 on Twitter

"Strong statements on the Senate floor just now from @SenToomey and @RonWyden on our crypto amendment. This amendment will help bring digital assets more fully into our financial system."

@SenLummis August 5, 2021 on Twitter

“Lummis forcefully made the case that bitcoin not only provides a legitimate alternative store of value and medium of exchange but would act as a check on the devaluation of the U.S. dollar and other currencies through the runaway creation of fiat money.”

@SenLummis June 16, 2021 on Twitter

"The Cowboy State is the most crypto friendly state in the country. I am looking forward to educating my Senate colleagues on why I am so passionate about digial assets through the @FinancialCaucus."

@SenLummis May 26, 2021 on Twitter

"ICYMI: Casper company Highwire Energy Partners utilizes generator technology to pull stranded oil for mining cryptocurrency."

@SenLummis May 10, 2022 on Twitter

"A fifteen-day comment period over the holidays for the @ustreasury proposed #Crypto rule is not appropriate for regulating an industry with a value of hundreds of billions of dollars." https://rb.gy/hnt6it

@SenLummis January 11, 2021 on Twitter

"Encouraged to see @JanetYellen explain her position on #crypto and #innovation more fully in written statements, and I’m confident she will let facts, not fears, dictate crypto regulatory policy. According to Chainalysis, cryptocurrency-related crime is smaller than criminal activity with cash. #Crypto regulations need to leave room for innovation. Just because a limited number of bad actors have abused crypto doesn’t make it evil. TY @stevedaines for bringing up issues of importance to the #fintech and #crypto industry in written questions after @SenateFinance hearing. I’m glad Dr. Yellen is open to partnering w/ stakeholders to ensure new rules promote #innovation. More here pg. 87 http://bit.ly/396bP2k"

@SenLummis January 25, 2021 on Twitter

"More sunlight on the opaque world of our financial plumbing is a good thing. I look forward to working w/ @federalreserve & industry to develop a world-class next gen payments system. We can learn lessons from the resiliency & adaptability of digital assets, including #Bitcoin"

@SenLummis February 26, 2021 on Twitter

"Digital asset miners are no stranger to using innovative sources of energy. @JAI_Energy in WY is a prime example of a company working with oil & gas producers to make a positive impact through bitcoin mining. The EPA must study all environmental impacts before regulating."

@SenLummis June 28, 2022 on Twitter

"There’s a reason that crypto is used less for criminal activity than fiat currency."

@SenLummis June 7, 2021 on Twitter

Senator Lummis is a co-founder of the Financial Innovation Caucus: "The caucus will serve as a space in the Senate to discuss domestic and global financial technology issues, and to launch legislation to empower innovators, protect consumers and guide regulators, while driving U.S. financial leadership on the international stage. The caucus will focus on a number of issues critical to the future of banking and U.S. competitiveness on the global stage, including: - Responsible financial innovation - Distributed ledger technology (blockchain) - Digital assets - Artificial intelligence and machine learning - Data management - Consumer protection - Combating Money laundering - Faster payments - Central bank digital currencies - Stablecoins - Promoting financial inclusion and opportunity for all"

Financial Innovation Caucus: United States Senate

"As you know, a substantial portion of digital asset miners’ energy use is based on renewable sources. Additionally, many miners use other power sources, like natural gas, that may otherwise go unused. JAI Energy in Wyoming is an example of a company that is working with oil and gas producers to make a positive environmental impact through bitcoin mining. Bitcoin mining that utilizes flared gas is also reducing methane emissions in Texas, New Mexico, Colorado, West Virginia, Ohio, and North Dakota. This private sector-led breakthrough is an important tool to a lower emission future. Finally, digital asset mining can have a substantial stabilizing effect on energy grids. It maintains robust baseload levels, yet it can be switched off quickly in times of peak demand. Most importantly, digital assets, and their related mining activities, are essential to the economic future of the United States. Other countries are rapidly moving to adopt digital assets and are attracting large amounts of capital and talent in the hopes of growing their own financial services sectors as digital assets and distributed ledger technology are widely adopted in the coming decade. The United States, as the global financial services leader, cannot rest on its laurels. We must focus on promoting responsible innovation so that our country can compete in a hypercompetitive, globalized economic system. Treasury Secretary Yellen articulated it best last week when she stated regulation should also be “tech neutral.” Favoring one technology over another, including proof-of-work versus proof-of-stake, can stifle innovation, erode future economic gains, and limit affiliated efficiencies. Digital assets are an essential component of promoting financial inclusion and have created new wealth building opportunities for Americans. American leadership in digital asset technologies is essential to ensuring the next generation of Americans can enjoy the prosperity and opportunity that our country has been blessed with. As you evaluate the potential environmental issues surrounding digital assets, the critical role that responsible innovation will play in our long-term economic future cannot be overlooked."

Senator Cynthia Lummis & Colleagues Letter to Michael Regan, Administrator of United States Environmental Protection Agency June 16, 2022

Crypto bill sponsorship

Sen. Cynthia Lummis has put out 6 crypto bills.

Lummis-Gillibrand Responsible Financial Innovation Act

S. 4356

117th Congress

Sponsored
Bill pending

To provide for responsible financial innovation and to bring digital assets within the regulatory perimeter.

National R & D Strategy for Distributed Ledger Technology Act of 2022

S. 4109

117th Congress

Co-sponsored
Bill pending

This bill provides for a national strategy and research and development regarding technologies related to distributed ledgers (e.g., blockchain or Bitcoin). A distributed ledger is a ledger that is shared across and synchronized between a set of distributed nodes (i.e., devices or processes) in a network that store a complete or partial replica of the ledger and meet other requirements.

The Office of Science and Technology Policy must develop a national strategy for the research and development of distributed ledger technologies and their applications, with a particular focus on applications of public and permissionless distributed ledgers. The office must coordinate with the National Science and Technology Council and other relevant federal agencies, as appropriate, on the strategy. The national strategy shall include

  • plans to support public and private sector investment and partnerships in research and technology development for societally beneficial applications of distributed ledger technologies, and

  • an identification of additional resources, administrative action, or legislative action recommended to assist with the implementation of such strategy.

The National Science Foundation shall make competitive awards to institutions of higher education or nonprofit organizations (or their consortia) to support research, including socio-technical research, on distributed ledger technologies and their applications, with a particular focus on applications of public and permissionless distributed ledgers.

The National Institute of Standards and Technology shall carry out an applied research project to study and demonstrate the potential benefits and unique capabilities of distributed ledger technologies.

To revise the rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets, and for other purposes.

S. 3249

117th Congress

Co-sponsored
Bill pending

This bill excludes certain persons from being considered a broker for tax reporting purposes. Under current law, the transfer of digital assets from a broker to a nonbroker requires the broker to file a return beginning on January 1, 2024. The bill provides that a broker does not include any person solely engaged in the business of (1) validating distributed ledger transactions, (2) selling hardware or software for which the sole function is to permit access to digital assets on a distributed ledger, or (3) developing digital assets or protocols for use by other persons who are not customers.

A Bill to Require a Study on the National Security Implications of the People's Republic of China's Efforts to Create an Official Digital Currency

S. 2543

117th Congress

Co-sponsored
Bill pending

This bill requires the President to report to Congress on the national security risks associated with any plans by China's government to create an official digital currency.

Financial Freedom Act of 2022

S. 4147

117th Congress

Co-sponsored
Bill pending

To prohibit the Secretary of Labor from constraining the range or type of investments that may be offered to participants and beneficiaries of individual retirement accounts who exercise control over the assets in such accounts.

To Revise the Definition of a Broker for Purposes of Certain Reporting Requirements with Respect to Digital Asset Transfers under the Internal Revenue Code of 1986, and for Other Purposes

S. 4751

117th Congress

Co-sponsored
Bill pending

A summary is in progress.

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