Senator Lummis said on Decrypt’s gm podcast that she learned about NFTs from fellow cryptocurrency bill member across the aisle, Senator Gillibrand.
US Senator Cynthia Lummis has been described as the “Bitcoin Senator” and “Cryptocurrency Queen” of the Senate, given her support for cryptocurrency assets and her attempts to draft legislation regulating their regulation. His state of Wyoming has also become a hot spot for DAOs, or Decentralized Autonomous Organizations, due to a law that legally recognizes them as LLCs.
But in the latest episode of Decrypt’s gm podcast, Lummis admitted that he has yet to delve into NFTs, the blockchain tokens that represent ownership of art, collectibles, event tickets, and access passes, among others.
“I don’t own NFTs, and NFTs are one of the mysteries to me,” Senator Lummis told Decrypt’s Dan Roberts and Stacy Elliott.
Lummis said he is now learning about NFTs from a surprising source: Democratic Senator Kirsten Gillibrand of New York, who is co-sponsoring a bill with Senator Lummis to help regulate crypto assets. According to Lummis, Gillibrand learned about NFTs from his children and is now sharing that knowledge.
“I’m learning this from Senator Gillibrand, because she has kids who have NFTs, and she’s the one teaching me how to use them,” Lummis said. “And that’s why it’s good that I have a partner who is so knowledgeable… It helps enrich and fill my own dance map when it comes to learning about it. .”
The NFT market has skyrocketed throughout 2021, generating $25 billion in trading volume, according to data from DappRadar.
By mid-2022, the market had already added $20 billion in organic trading volume to this tally, although volume has dropped significantly over the past two months due to falling crypto and NFT prices. .
Senator Lummis said she was also taking the opportunity to learn more about how DAOs work.
A DAO is an online community that comes together around a common goal or cause, such as investing in NFTs, raising money for charity, or governing a DeFi protocol. Membership is usually represented by ownership of a governance token or NFT.
The temperature seems to have changed for the struggling cryptocurrency lender Celsius. After freezing customer withdrawals, transfers and exchanges…
“I learn things every day,” he says. “And for someone my age, working in a field where you’re literally learning new things every day is very, very exciting. So it’s been a huge boost of energy for me in terms of being excited about how to legislate in a completely new area which really needs a clear and appropriate level of regulation, but which can still innovate.
In the latest episode of gm, the “Bitcoin Senator” also explained why she thinks Bitcoin and Ethereum will bounce back from the cryptocurrency market crash, as well as the SEC’s rejection of her bill and the need regulatory clarity around cryptocurrency assets.
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