Republican Senator Lummis: Democratic Senator Gillibrand teaches me about NFTs

US Senator Cynthia Lummis has been described as “Bitcoin Senator” and the Senate “crypto queen” given her support for cryptocurrencies and attempts to draft legislation regarding their regulation. Her state of Wyoming has too become a hotspot for DAOsor decentralized autonomous organizations, due to a law that legally recognizes them as LLCs.

But on the last episode of Decryptsin gm podcastLummis admitted that she has not yet entered NFTsthe blockchain tokens that represent ownership of art, collectibles, event tickets and admission cards and more.

“I do not own NFTs, and NFTs are among the mysteries to me,” Senator Lummis said DecryptDan Roberts and Stacy Elliott.

Lummis said she is now learning about NFTs from a surprising source: Democratic Senator Kirsten Gillibrand of New York, who is sponsors a bill with Senator Lummis to help regulate cryptocurrencies. According to Lummis, Gillibrand has become acquainted with NFTs through his children, and now shares that knowledge.

“I learn about this from Senator Gillibrand, because she has children who have NFTs, and she is the one who teaches me about how to use them,” Lummis said. “And so it’s good that I have such a knowledgeable partner in this … It helps to enrich and fill out my own dance card when it comes to learning about it. “

The NFT market increased during 2021, generates $ 25 billion value of trading volume, per data from DappRadar. Halfway through 2022, the market has already done so added $ 20 billion worth of organic trading volume to that amount, even if the volume has fell significantly over the last two months due to falling crypto and NFT prices.

Senator Lummis said she also takes the opportunity to learn more about how DAOs work. A DAO is an online community that gathers around a common purpose or cause, such as investing in NFTs, raising money for charity or running a charity. DeFi protocol. Membership is often represented through ownership of a management token or an NFT.

“I learn things every day,” she said. “And for someone my age, it’s so exciting to get to work in an area where you’re literally learning new things every single day. And so it’s been a good shot for me in terms of my enthusiasm for how to legislate. a completely new area that really needs a clear and appropriate level of regulation, but which can still innovate. “

On last episode of gmThe “Bitcoin senator” also discussed why she means both Bitcoin and Ethereum will bounce back from crashed in the crypto marketas well as SEC setbacks to her bill and the need for regulatory clarity around cryptocurrencies.

Listen to the entire episode of the gm podcast wherever you get your podcasts, and make sure subscribe.

Do you want to become a crypto expert? Get the best from Decrypt right to your inbox.

Get the biggest crypto news + weekly summaries and more!