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In her recent speeches and interviews, Lummis pointed out that it is no longer possible to sustain the status quo of not having any federal guidelines concerning cryptocurrency exchange. According to her, there should be an all-encompassing framework by the legislators which specifies how digital assets should be controlled, who should supervise them and under what conditions American companies can operate without being subjected to immediate enforcement measures.
Why Market Structure Is the Missing Piece
Lummis insists that there must be some logic applied to the regulation of crypto. At present, businesses and investors have to deal with a jumble of rules, agency battles for supremacy and unclear positions regarding whether virtual commodities fall under commodities, securities or represent something completely different.
This lack of clarity, in her view, exposes consumers to risk and drives innovation away from America. She has, on several occasions, observed that other nations are enacting clear regulations on cryptocurrencies while the US argues over its jurisdiction.
“When you don’t have clear rules of the road, you don’t get safety, you get chaos,” said Lummis during previous talks about crypto policy.
Focus on Consumer Protection and Innovation
Lummis is not advocating for deregulation through her efforts but rather for intelligent regulations that would keep consumers safe while promoting innovation. The proposed market structure legislation is expected to provide guidance on registration of exchanges, classification of assets, as well as disclosure requirements, so as to reduce confusion among ordinary investors.
She has also emphasised that clarity would enable law enforcement officers and regulators to identify culprits easily, rather than mistakenly punishing innocent business persons through a broad approach.
Growing Pressure Inside Congress
There is a slow but steady momentum gathering on Capitol Hill. Bipartisan talks about overseeing cryptocurrencies have gained traction, especially now that these digital assets are getting integrated into traditional finance systems. Industry captains, investors, as well as electorates are mounting pressure on lawmakers to ensure that America leads in financial innovation rather than following behind others.
Lummis has taken a stand as one of the most influential voices on crypto matters within the Senate by consistently arguing that it should be Congress and not independent regulators determining policy for digital assets in future.
What’s at Stake for the U.S.
If there are no clear laws governing market structures, then according to Lummis, companies dealing with crypto will keep moving out to more favourable places, taking along with them employment opportunities, capital investments, among other things thus posing a risk of repeating similar mistakes made in the past, whereby regulatory uncertainties suffocated rapidly growing sectors.