Cynthia Lummis has announced her retirement from the Senate, and this is big news for the crypto world in the U.S. She was a major player in advocating for digital assets, and without her voice, the future of crypto legislation may look very different. Let’s take a look at what this means for crypto in the U.S.
Lummis's Strong Stance on Crypto
Lummis wasn’t just vocal about crypto; she was actively working to push it into the mainstream. She supported legislation that helped create a favorable environment for digital assets. She fought for clearer regulations, aiming to prompt more businesses and individuals to use cryptocurrencies and blockchain tech. Her position on the Senate Banking Committee allowed her to share knowledge about the benefits of digital currencies, which helped strengthen her position in the crypto community.
Her retirement leaves a significant hole in the bipartisan support for pro-crypto legislation. It was this bipartisan support that was really needed to push crypto legislation but will that continue?
Who Can Fill the Void?
Now, several candidates are already lining up for her seat, but it’s still early days. Rep. Harriet Hageman is a name being floated, as she already has established a name for herself after defeating Liz Cheney in the 2022 primary.
If Hageman or another candidate takes Lummis's spot in the Senate, we might see a continuation of her pro-crypto stance. Or not. This uncertainty brings into question how willing the Senate will be to embrace crypto solutions.
Looking Ahead
Lummis's retirement could very well slow the momentum for crypto-friendly bills. With the demand for crypto payroll solutions increasing, the need for regulatory clarity will also rise.
As Gen Z begins to demand crypto payroll solutions more and more, the intersection of crypto and HR will need a strong advocate. We may see more companies move to pay employees in digital currencies, but they’ll likely want to know that they can do so without running into compliance issues. The future of U.S. crypto legislation is now clouded in uncertainty.
