Who is Cynthia Lummis?

Republican Sen. Cynthia Lummis is Congress' resident cryptocurrency enthusiast. She' owns a large bitcoin stake and co-sponsored a significant crypto bill. The bill would help classify coins as either commodities or securities, and decide which agency should regulate them. Insider recommends waking up with Morning Brew, a daily newsletter.

Is Senator Cynthia Lummis trying to 'fully integrate' crypto into US financial system?

The bitcoin-holding U.S. senatoris trying to “fully integrate” crypto into the U.S. financial system, an aide said. Sen. Cynthia Lummis (R-Wyo.) walks the halls of the Capitol outside the Senate chamber on Aug. 10, 2021. (Liz Lynch/Getty Images)

Is Lummis a 'bad policy' for the crypto industry?

Crypto attorney Lewis Cohen — who advised Lummis staff on the bill — said it was a near-impossible task to balance the concerns of industry bigwigs and regulators. “Reflexively treating all tokens as securities,I really do believe it’s both wrong legally and fundamentally bad policy for the U.S.,” said Cohen, co-founder of the firm DLx Law.

Was will Lummis right about bitcoin?

Lummis was right — Will is now her son-in-law. And he was “extremely right about Bitcoin,” she said. She bought one in 2013, and another two in 2014, for around $1,000 in total. On the day she spoke to CQ Roll Call last month, those were worth about $128,000.