Part 7/9:
The bill was introduced by Senator Cynthia Lummis, known as Congress’s “crypto queen” and an early Bitcoin advocate. The crypto industry has become a prominent player in U.S. politics, contributing $200 million during the recent election cycle and bolstering support for cryptocurrency initiatives. Bipartisan backing suggests a growing acceptance of Bitcoin within legislative circles, yet public sentiment appears divided.
The mixed reputation of the cryptocurrency space, marred by scams and frauds, further complicates widespread public acceptance and trust in Bitcoin as a legitimate financial asset. The challenge ahead appears significant, leading to varying levels of optimism regarding the passage of the Bitcoin Act in its current form.