Senators launch bipartisan Financial Innovation Caucus to create legislation for the blockchain era

Senators launch bipartisan Financial Innovation Caucus to create legislation for the blockchain era

US Senators Cynthia Lummis (R-WY) and Kyrsten Sinema (D-AZ) announced the bipartisan Financial Innovation Caucus to help create legislation for the blockchain era on Tuesday. The caucus is intended to "highlight responsible innovation in the United States financial system, and how financial technologies can make markets more inclusive, safe, and prosperous for all Americans," according to a from Senator Lummis' office. The release cited a growing regulatory focus on digital assets, China's recent launch of the , and moves by central banks to start their own central bank digital currencies, or CBDCs, as the reasoning for the creation of the caucus. "The United States is the world leader in the global financial system, but that position is a privilege, not a right," Senator Lummis said. "It is also a huge, often-underappreciated benefit to every American. We need to work together to bring our financial system into the 21 century in order to maintain our leadership and ensure that future Americans can enjoy the same opportunity and prosperity that we experience today," she added. Senator Lummis has long been a supporter of cryptocurrencies and plans to speak during the . Speaking to CNBC's "Squawk Box" on Tuesday, the Senator said is