Supporting Innovation & Protecting Consumers, Sinema Discusses New Financial Technologies

Feb 16, 2022

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WASHINGTON – Arizona senior Senator Kyrsten Sinema participated in a Senate Banking Committee hearing on the increased adoption of decentralized finance and its impact on American consumers.
Sinema underscored the importance of balancing thoughtful policy-making that ensures commonsense protections for everyday Arizonans while creating an environment where innovation can thrive.
“I co-chair the Senate’s Financial Innovation Caucus, alongside my friend Senator Lummis of Wyoming, so I’m glad that we’re holding this hearing today. As we discuss new financial technologies, I want to ensure we balance commonsense protections for everyday Arizonans while creating an environment where innovation can thrive,” said Sinema, a member of the Senate Banking Committee.
Today’s Senate hearing focused on examining the President’s Working Group on Financial Markets’ report on stablecoins. During the hearing, Sinema stressed the Senate’s duty to thoughtfully examine what works and what doesn’t, what helps consumers and what doesn’t, and create commonsense rules that provide certainty for Arizonans investing in stablecoins.
In December, Sinema and a bipartisan group of colleagues wrote to the administration, asking that they properly implement the cryptocurrency provision included in Sinema’s bipartisan Infrastructure Investment and Jobs law in accordance with Congressional intent. In the hearing, Sinema stressed the importance of ensuring that forthcoming rules from the Treasury Department to implement this cryptocurrency provision are clear, fair, and consistent with what Congress intended – closing gaps in the tax code while avoiding unintended consequences that could discourage U.S. innovation.
Sinema partnered with Republican Senator Cynthia Lummis (Wyo.) to launch the bipartisan U.S. Senate Financial Innovation Caucus, which aims to highlight responsible innovation in the U.S. financial system, and how financial technologies can boost America’s economic global standing and expand opportunities in Arizona and across the country.