Transcription
Now, it's Wyoming Senator Cynthia Lummis. She is the chairwoman of the Senate Digital Asset Subcommittee. Senator, great to see you. Thank you so much for joining me.
>> You as well, Maria.
>> What's your take? Your Digital Asset Market Structure Clarity Act would create a regulatory framework, establish new SEC disclosure rules for certain tokens, provide greater clarity for the crypto industry. Uh, and the bill seeks to expand law enforcement tools to combat crypto-related crime by applying anti-money laundering and sanctions rules to crypto exchanges. But you can't get it over the finish line. What's the problem?
>> Well, it's taken us virtually every day for the last 10 months uh to get this bill in the condition it's in today. And we're ready. Uh so we will be introducing uh in the next few days. Uh we're going to be in session now for four straight weeks. Uh it's very important that we get this bill across the finish line before the August recess begins. Uh so we can make the markets aware of the stability uh that will be provided to them if they remain onshore in the United States to do business. This is a pivotal time for the industry and we want to meet their needs. We also want to meet the needs of law enforcement with regard to preventing illicit finance and provide consumer protections. We think we've accomplished that goal with this bill. It's been arduous, but we're ready for prime time.
>> Absolutely. So, is it fair to say this bill will be back on it will be on the Senate floor the week of July 20th?
>> Well, I expect it'll be that week, but uh considering the important things that we have to deal with in these four weeks, um Senator Thune will make the final decision about which week to bring clarity to the floor. Uh we're voting today on the motion to proceed to the National Defense Authorization Act. And as you know, we've got uh issues with Save America to deal with and and other things as well. But Senator Thune is well aware of the importance this bill provides for market stability for digital assets. So I think he'll schedule it this uh this four-week period.
>> Yeah. I mean, you make a great point because Congress is back in Washington now for what is really the final stretch of legislative days ahead of the August recess and even the midterm elections. I mean, this is your last meaningful legislative window uh before the uh the August recess and the midterm campaigns really take center stage. And of course, we're all still reeling over the sudden passing of South Carolina Senator Lindsey Graham. I want to give you my condolences. I know that you were a friend of of Lindsey Graham and it was a complete shock, but you've got this uphill climb with critical legislation to pass. Uh, you mentioned the NDAA appropriations bill, Save America Act, potential third reconciliation bill, and now of course clarity. The Democrats want Republicans to go on the record to reject ethics standards that would apply to President Trump and to Congress. It's not clear if there is 50 GOP senators willing to take that vote. Can you give us some color on that?
>> Yeah, we've continued to uh work on ethics language that the Congress has to live under and the president has to live under. Uh so some of the issues are things like can a state attorney general sue an elected official? My answer is absolutely not. Uh and uh we're going to continue uh with that position try to convince our colleagues that uh that's patently unfair for a state attorney general to sue uh a federal elected official from their state or another state uh over digital assets. You know, blind trusts are certainly on the table. uh and um when we finally come to the language that both the Congress can live with and uh the White House can live with um I think it's going to be a decent balance and something fair. You know, Maria, we can't just legislate for one person. The president made his money on digital assets before he took the oath of office. So we have to make sure that people when they are private citizens can retain their rights to make money uh and use their intellectual prowess uh to make money in this country. That's not wrong. In fact, that's kind of the great American capitalist premise. Uh so we so that's what we're going after. Uh and we h and we have to remember that on the side of stock trading uh we've been very willing uh to let members of Congress uh Nancy Pelosi for example uh make money while she was in office that asset. So we have to be fair. We have to find that balance on what elected officials can do before they're elected, after they're elected, and while they're serving.
>> Yeah, this is a a very important analysis that you're making. But Senator, don't you believe that if there were any limits in this bill on on President Trump's crypto endeavors, he'll veto the bill?
>> Well, and and if it's targeted towards him,
>> I don't blame him.
>> Uh it this needs to be uh something that will withstand the test of time. This bill isn't in effect only while President Trump holds the office of the president. We need to be looking at it blindly in terms of who is occupying the office of president and sitting in the congress. uh while we do fair uh ethics disclosures.
>> Yeah, that's a great point. Look, there's also this emerging fight over the president filling Democrat seats at the Securities and Exchange Commission, the CFTC, uh giving Democrats political cover to to back crypto. If you get more delays there, uh it could get harder to get to 60 votes for clarity. And then there's just the calendar. We mentioned the calendar and this time this short time span that you have. You've got Lindsey Graham's funeral next weekend, right? So, that's probably going to pull some some senators from from Washington. Um limiting uh legislation again. Um are you expecting that senators will be going to Lindsey Graham's funeral next weekend?
>> I do expect that. You know, gosh, we're going to miss him. It this was a gut punch. uh um he was my eyes and ears to foreign policy because all of my committee assignments are domestic facing and so we'd go out to dinner with a small group of senators and Lindsey would hold court sometimes he'd call the president on the phone and lay the phone down and push speaker and so we had the president at dinner with us at least uh on the phone um it was he was extraordinary there's no one like him there will never be anyone like him uh where you can go and used humor and wit to disarm the leadership of of Saudi Arabia, of Israel, of Syria. Um, he knew no bounds in terms of who he was willing to talk to and uh he could disarm people uh with his sense of humor and say things nobody else could get away with with world leaders. Uh so he was unique. Uh I I loved the guy. He was a dear friend and this hurts. I'm going to miss him. We have to balance that with all the critical work we had to do. And sometimes something like uh a significant death like this will jar us into stepping up and being what the American people expect of us. And I hope this has that effect because the US Senate and my caucus, the Republican caucus, really is full of outstanding leaders and we've been a little we haven't been forward-facing. We haven't been aggressive enough. We have to make the strong push now. And this may be the jarring event that we needed to make us step up to the plate and do what the American people expect of us and ask of us. Uh, so I I think in a weird way this is going to be kind of a motivating moment >> for Senate Republicans. I certainly hope so.
>> Oh, do do you think that Lindsey Graham's sister will vote the way the senator would have voted? I mean, he was a big supporter of the Save America Act. I don't know if you see room for the Save America Act anywhere on any other legislation. Do you think that >> sees the light of day anytime soon before the midterms?
>> Well, I sure hope so. Uh, honestly, I think that there is more support growing, >> uh, and that her presence is going to be a driving force. Uh, she'll be sworn in this afternoon at about 2:15. I can't wait to meet her and start working with her, and I'll bet she's a supporter of the Save America Act.
>> Yeah. All right. Well, look, my condolences to you, Senator. Thank you. I was actually at one of those lunches uh when uh Senator Graham called the president and he was on speaker phone and I watched uh both sides of the aisle interact with Lindsey Graham uh and everyone and the president. Senator, thank you. We'll be watching your work certainly on all of this. Said the alum this morning.