“It’s Starting To Look More Like BITCOIN ONLY"

Cynthia Lummis, the Republican Senator from Wyoming, joined CoinDesk to discuss several important topics about crypto with, of course, one being the topic that no one can avoid at this point, which is Sam Bankman-Fried and the FTX collapse but the other topic of importance is regulation. Senator Lummis is at the forefront of politicians on Capitol Hill making a push for cryptocurrency regulation, as one of the Senators sponsoring one of the more important pieces of bipartisan crypto legislation, the Responsible Financial Innovation Act, along with Senator Kirsten Gillbrand, Democrat from New York. The bill, which was introduced in June, if it passes, would give the Commodity Futures Trading Commission (CFTC) the main power to set regulatory standards for crypto. Senator Lummis stated that among the goals of the bill is clearly defining what can be deemed a security or a commodity. Senator Lummis weighed in on the current state of crypto tokens, suggesting that as of now, Bitcoin looks like the only coin to be considered a commodity. Ethereum, the second-largest cryptocurrency by market capitalization, made major headlines in the early fall of 2022, when it made the transition from proof-of-work to proof-of-stake. In Senator Lummis’s estimation, this move very well might have taken Ethereum out of the running for being considered a commodity.
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“It’s Starting To Look More Like Bitcoin ONLY”