C23 Conversations Lummis

Consensus 2023: Regulation, Regulation, Regulation, With Senator Cynthia Lummis; What’s the Holdup?

With other countries including Japan, the U.K. and France making moves to be crypto hubs, why would the U.S. choose to fall behind?

May 1, 2023

This episode is sponsored by Brave.

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During the third day of Consensus 2023, Michele Musso, senior producer of podcasts at CoinDesk, spoke with Senator Cynthia Lummis (R-Wyo.) about the current state of crypto regulation and innovation, the national security risks associated with "offshoring" crypto and Gary Gensler's message of resistance.

Additionally, the Senator discusses the importance of diversifying your portfolio with crypto and bitcoin, the devaluation of the U.S. dollar and the influence young people have in this space.

Last year both Senator Lummis and Senator Kirsten Gillibrand (D-N.Y.) introduced landmark legislation to create a regulatory framework for crypto called “The Responsible Financial Innovation Act.” They will reintroduce a revised version with more statutory language.

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Detailed Discussion:

Cynthia Lummis Introduction. 0:00

The financial innovation act, responsible management of crypto assets.

Regulation regulation regulation regulation 2:15

The status of regulation in the US.

The need to legislate sooner.

Resistance’s message from Gensler. 4:45

McHenry spoke directly to Gary Gensler.

Gensler did not give a straight answer to Mchenry.

Legislation on crypto regulation. 6:24

Playing catch-up ball, providing executive branch guidance.

Working carefully to listen to feedback post FTX failure.

Intelligence officials have flagged national security risks. 8:08

Adjusting the bill to avoid stifling innovation.

National security risks of crypto.

Staff Accounting Bulletin 121. 9:42

Staff accounting bulletin 121 and how it is impacting the industry.

Custody assets belong to individuals.

Should I buy cryptocurrency in 2023? 11:40

Inflation is eating into the value of the U.S. dollar.

Diversified asset allocation.

The importance of diversifying your portfolio. 13:41

Have a diverse set of assets in retirement.

Get advice from knowledgeable young people.

How did the Senator become interested in Bitcoin? 15:27

Senator Lummis purchases Bitcoin.

The Satoshi roundtable in Cancun.

Elevating knowledge and discussion in the US Senate.

The need for innovation in digital assets.

Close Out - Thank You CoinDesk!

From our sponsor:

Brave is the privacy browser used by almost 60 million people worldwide. The built-in Brave Wallet is your secure passport to Web3. It supports over 100 chains, fiat purchases, swaps, NFTs, and even connects with other wallets and DApps. All right in your browser. No risky extensions, no spoofing. Learn more at brave.com/wallet.

This episode of Consensus Conversations has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Music is Get Down” by Elision and  Image credit: Kevin Ross.