The crypto industry is experiencing resurgence in Washington, largely thanks to Democratic Senator Kirsten Gillibrand's growing influence. Legislation promoting stablecoins is on the verge of passing the Senate, bolstered by significant political contributions from the crypto sector and strategic alliances with key Republican figures, notably Cynthia Lummis. Gillibrand emphasizes the importance of fostering the crypto sector instead of imposing restrictive regulations, highlighting the bipartisan efforts necessary for advancing crypto-friendly policies amidst obstacles from within her party.
"Gillibrand argues the country should cultivate the emerging crypto industry rather than drive it offshore through the kind of regulatory burdens others in her party like progressive Senator Elizabeth Warren seek."
"Without her, it doesn't happen, Lummis said, citing credibility Gillibrand has built on financial issues while representing Wall Street's home state and the importance of bipartisan alliances in the Senate."
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