Senator Lummis Opposes Crypto Ban Amendment

Senator Cynthia Lummis, a prominent figure in the United States Senate, has strongly opposed an amendment proposed by Senator Jeff Merkley. This amendment aims to prohibit government officials, including their adult children, from promoting or holding cryptocurrencies. Lummis argues that such a measure would severely hinder America's ability to lead in digital innovation and effectively regulate the rapidly growing cryptocurrency sector.

Lummis expressed her concerns on Capitol Hill, stating that while she understands the importance of ethics and transparency in government, Merkley’s amendment goes too far. She believes that the proposed ban would not only harm American innovation and competitiveness but also extend to the adult children of elected and non-elected officials. Lummis warned that if a similar ban had been implemented during the early days of the internet, it would have sent a clear message that America was closed for business when it comes to digital innovation.

Lummis further criticized Merkley’s amendment, suggesting that it would actually impair the government’s ability to understand and regulate digital assets effectively. She called for broader ethics reform across the entire financial services industry, rather than focusing solely on digital assets. Lummis emphasized the need for real solutions that address all financial products, not just cryptocurrencies.

Merkley, on the other hand, argued that the amendment was necessary to prevent elected officials from corrupting their public positions through the sale of cryptocurrencies. He highlighted that new strategies, such as promoting or selling crypto coins in which officials have a personal financial stake, can create both the appearance and reality of conflicts of interest. However, Republican senators have rejected Merkley’s proposed amendment, making it unlikely to pass given the current political landscape.