SENATOR CYNTHIA LUMMIS - WAGMI Woman of the Week
Sen. Cynthia Lummis - U.S. Senator, Wyoming
Cynthia Lummis was sworn into the United States Senate on January 3, 2021, becoming the first woman to serve as United States Senator from the great State of Wyoming.
Born on a cattle ranch in Laramie County, Senator Lummis has spent her entire career fighting for Wyoming families, communities, businesses and values. First elected to the U.S. House in 2008, Senator Lummis effectively elevated western issues, pushing through the first Interior and Environment (EPA) Appropriations bill to pass the House in seven years under her chairmanship. She also successfully passed the National Forest System Trails Stewardship Act in 2016, a bipartisan effort led by Cynthia to maintain over 157,000 miles of trails within our national forests.
After departing U.S. House of Representatives in 2016, Senator Lummis operated her family’s cattle ranches, and the Sweetgrass development in Laramie County, with her brother and sister. She is a three-time graduate of the University of Wyoming in animal science, biology and law. She and her late-husband, Al Wiederspahn, have one daughter, Annaliese, son-in-law Will Cole and grandsons Gus and Al.
Q. How can we best introduce you to our community of women that’s interested in Web3 and decentralized finance?
I am a fifth generation cattle rancher from Wyoming. I’m a former state representative, state senator, state treasurer and U.S. Representative. I am always looking for assets that are a good store of value. I am interested in digital assets because they are the future of finance and will enable Wyoming to continue its role as the global financial services leader.
Q. What, in particular, inspired you to be interested in anything related to crypto?
My daughter and son-in-law introduced me to bitcoin and I purchased my first bitcoin in 2013. Once I got to Washington, I made it my mission to educate my colleagues about digital assets and create a framework that protects consumers without stifling innovation in this rapidly growing space.
Q. What can we do to make sure this new investment asset is equitable?
With most traditional assets, the big players win out because they have the legal teams and lobbying money to outgun the smaller players. That makes it harder for people, especially low income people, to get ahead. With digital assets, those hurdles do not exist. This is especially important for those who are currently unbanked or underbanked. There is real potential here to bring more people into this system that were not previously able to access the traditional financial system.
Q. Why is helping to create a roadmap for a principled crypto policy so important to you?
Digital assets are our future, and for the United States to remain the global financial services leader Congress must pass a framework to regulate the digital asset industry. That’s why I introduced the Responsible Financial Innovation Act alongside Sen. Kirstin Gillibrand (D-NY). But as with any emerging industry, the fastest way to kill it is to overregulate it. It is important that we put safeguards in place to protect consumers while also empowering innovators to continue developing technologies.
Q. What do you believe members of the WCOIN community ought to be paying attention to in regards to rules/regulations related to web3 and crypto?
There is an appetite in Congress to pass a regulatory framework for digital assets. I expect movement on legislation, particularly market regulation and stablecoin legislation, potentially before the beginning of the next Congress. I think there will be opportunities in the next Congress to continue this discussion and pass critical legislation to protect consumers and give the industry much needed regulatory clarity.
Q. With the current volatility of the crypto market as well as many fast changes in the ever-evolving tech world, what is one thing that gets you excited as you look towards the future?
Digital assets have the potential to spur innovation in new and revolutionary ways. But as the market’s recent volatility has shown, providing a regulatory framework is necessary for this industry to thrive. With the guidelines in our legislation to regulate digital assets, we can increase investor confidence, stabilize the market, and foster economic growth in communities across the country. There are technologies we have not even begun to consider, so as we wade into the legislative and regulatory options here, it is important that we leave space for those potential technologies to grow. I am excited to see how blockchain makes payments faster and capital more accessible. There are potential uses for blockchain in every single sector of our economy.
Q. Is there anything you’re working on, in regards to draft legislation or otherwise, that you can share right now with members of the WCOIN community?
In June, Senator Kirsten Gillibrand (D-NY) and I introduced the Responsible Financial Innovation Act to fully integrate digital assets into our financial system. We both see huge potential for digital assets to enhance our financial system and create new opportunities for people who may or may not have had access to the traditional financial system. We want to make sure that consumers are protected while making sure innovators have room to innovate and continue to develop new technologies that make our world a better place.
