Lummis Responds to Biden Executive Order on Digital Assets

U.S. Senator Cynthia Lummis (R-WY) made the following comments about President Joe Biden’s executive order on digital assets:

“It’s great to see the Biden administration’s growing interest in digital assets, and while I agree with the President’s desire to combat money laundering and defend America’s national security, I think his executive order misses the fact that the overwhelming majority of digital asset users are law-abiding and trying to make our financial system better. If he has any doubt, he should look to Wyoming, where digital assets are booming within a common-sense, balanced regulatory framework. We need thoughtful rules around stablecoins, and though I remain unconvinced on the need for a central bank digital currency (CBDC), I will continue to follow the Federal Reserve’s work in this area closely. I will be laying out my own thoughts on digital asset legislation imminently. Congress is ultimately the arbiter of these issues, and it’s time we step up our conversations and work on real legislation.”