Samson Mow, a Bitcoin advocate, has expressed discontent with politicians’ increasing support for cryptocurrencies. Mow notes that this is a short-term shift that could pose future problems if Bitcoin’s essence is blurred with the rest of the cryptocurrencies.
Samson Mow’s Concerns on Pro-Crypto Shift
In an X (formerly Twitter) thread, Samson Mow, has been skeptical of what it means when politicians start to take friendly stances towards cryptocurrency. He stated that without proper adherence to the principles of Bitcoin, the current political support could lead to more financial disasters similar to FTX, Luna, and Genesis.
Mow also stressed the significance of the differentiation of Bitcoin from the rest of the cryptocurrencies, which many politicians do not make.
Mow, replying to one of his followers, reiterated that he knew Senator Cynthia Lummis to be different, stating that she is actually passionate about Bitcoin. Lummis is an advocate in the crypto space and has revealed that she personally owns five BTCs and her son in law Will Cole is a Bitcoiner. However, he urged the need for better distinction between Bitcoin and other cryptocurrencies to avoid the pitfalls.
Political Influence on Crypto
With the current political emphasis on cryptocurrency regulation, this has emerged as a central question in the United States. The former President of the United States of America, Donald Trump, has recently voiced his support for crypto firms and has said he will help the industry grow if he returns to the presidency. His campaign has also started accepting donations in cryptocurrencies such as Bitcoins and this is in line with the sector.
On the other hand, the Biden administration is bending on its approach to cryptocurrency due to political reasons. Despite being strict under Biden, the SEC has quite recently taken an unexpected turn by approving eight Ethereum ETF applications. Many experts believe that this decision is an attempt to shift focus to a more inclusive voter base in preparation for the 2024 presidential elections.
Senator Cynthia Lummis and Crypto Advocacy
Cynthia Lummis, a senator, has been supporting positive regulation of cryptocurrencies. In her latest social media posts, Lummis emphasized the increasing support for crypto among US Congress members. She called for better clarity on property rights and self-custody, stating that the current legal landscape does not adequately safeguard consumers.
Lummis’s efforts come in the wake of major legislative victories for the crypto industry such as the recent reversal of the SEC’s SAB 21, which placed harsh conditions on financial institutions that wished to become cryptocurrency custodians. Her advocacy is part of a larger push within Congress to create a more favorable regulatory climate for cryptocurrencies, as evidenced by the recent FIT21 vote to seek clarity in the market.
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