Senator Cynthia Lummis has criticized the SEC's regulatory approach to cryptocurrency and advocated for the CFTC to oversee Bitcoin and Ethereum. She believes that the SEC's reliance on enforcement actions instead of clear guidelines has created uncertainty and legal disputes in the industry. Lummis argues that Bitcoin and Ethereum should be classified as commodities and regulated by the CFTC, and she is pushing for legislative changes to empower the CFTC in the digital asset space. She also opposes the SEC's SAB 121, which imposes regulatory burdens on crypto custodians. Lummis's criticisms and proposals aim to establish a clearer and updated regulatory framework that supports the growth and innovation of the crypto industry in the United States.



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