Senator Cynthia Lummis has highlighted the rising backing for cryptocurrencies in Congress, celebrating recent industry successes. On May 23, she shared on X (previously Twitter) that a supportive coalition for the crypto sector is being established in Congress.

"We are building a pro-crypto army in Congress," she stated.

This announcement has created a buzz on social media, with crypto enthusiasts praising lawmakers' increased efforts. The crypto community eagerly anticipates more regulations to curb legal conflicts between crypto companies and the Securities and Exchange Commission (SEC). While recent developments have given the market hope, some are still wary about the future of the FIT21 crypto bill in the Senate.

Celebrating Two Major Crypto Victories

Senator Lummis’s comments follow two significant triumphs for the crypto world. Last week, the Senate repealed the SEC’s SAB 21, a rule introduced by Gary Gensler that placed strict regulations on financial institutions wanting to act as crypto custodians.

In response, Senator Lummis shared a photo with Bitcoin laser eyes and the caption, “We are so back,” boosting the belief that lawmakers are moving towards more favorable policies. This week, the House of Representatives passed a vote to bring regulatory clarity to the crypto market, with support from both Republican and Democratic lawmakers for the FIT21 legislation.

Despite potential challenges in the Senate, this development marks a shift in the legislative environment. "The passage of FIT21 shows that there is strong, bipartisan support in Congress for creating a regulatory framework for the crypto industry," Senator Lummis remarked.

Opposition and Potential Delays

Not all lawmakers share Lummis’s enthusiasm. Senator Elizabeth Warren and others have been vocal critics of cryptocurrencies, calling for tougher regulations to prevent their use in illegal activities and protect consumers.

Some lawmakers, like Rep Maxine Waters, have raised concerns about FIT21. Waters described it as one of the most dangerous proposals in recent times, warning that it could lead to a deregulated market and a possible crash.

Conclusion

As Senator Lummis and her allies push for more supportive crypto legislation, the industry remains cautiously optimistic. The ongoing debate in Congress reflects the growing pains of an evolving market, balancing innovation with the need for regulation.