The crypto industry can trust Cynthia Lummis to get regulation right

As the world waits to see America’s take on cryptocurrency regulation, crypto enthusiasts should keep one thing in mind: The industry can trust Senator Cynthia Lummis. Her proposal with Senator Kirsten Gillibrand, which we’ve all been waiting for action on, is bipartisan in nature.

We’re still awaiting the final details, but things have slowed to a crawl with the November elections around the corner. United States Securities and Exchange Commission Chairman Gary Gensler has moved forward with commentary that suggests the Commodity Futures Trading Commission will take a major role in the oversight of Bitcoin (BTC), which, in and of itself, would require congressional movement.

However, we know a few things that are consequential. In particular, Lummis has said in interviews that she’s welcoming comments from the industry. That dialogue is critically important to get this legislation done correctly.

“We’ve designed [the crypto bill] so it works within the customary framework for managing and regulating traditional assets,” Lummis said. “We’re going to put it out in draft form for discussion purposes, and you can spend 30 days to help us get this bill in as good of a form we possibly can before actually filing it.”

Related: Sen. Lummis: My proposal with Sen. Gillibrand empowers the SEC to protect consumers

There’s no question that the industry needs greater guidance on how digital assets are to be treated. Digital assets, including cryptocurrencies and stablecoins, deserve better oversight. Investors should be able to depend on them following the same regulatory routine as securities or commodities and be sure of which commission oversees them. Right now, they’re stuck in limbo, which isn’t healthy for the industry.

Some in the industry think that any regulation is, by definition, a bad thing. But in order to truly mainstream, digital assets need to follow a rulebook that everybody can understand. Having Lummis lead this discussion means that we should feel comfortable that we have somebody fighting to find ways to make the industry viable long-term. She has a history that proves that she understands the power of blockchain technology and the benefits of innovation within the fintech sector. And, frankly, the past six months have not boded well for those arguing against regulation of any kind. Not only do we have headlines from disasters like Celsius Network, but there’s also a steady drumbeat of eight- and nine-figure hacks that…