Does Stephen Lynch Support Crypto?

Based on previous comments, Stephen Lynch has indicated they are very anti-cryptocurrency. Below you can view the tweets, quotes, and other commentary Stephen Lynch has made about Bitcoin, Ethereum, and cryptocurrency innovation.

Voted against a bill on May 23rd, 2024
Bill Name
CBDC Anti-Surveillance State Act

Details
To amend the Federal Reserve Act to prohibit the Federal Reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.
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Voted against a bill on May 8th, 2024
Bill Name
SAB 121 House Joint Resolution

Details
For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121". This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.
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Stephen Lynch
@RepStephenLynch
2/3 ..and subject them to Federal Reserve regulation and supervision. The mission of the F.S.O.C. to identify and address emerging threats to US financial stability has become even more critical with the expansion of the crypto markets and advancements in artificial intelligence.
· via Twitter
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Stephen Lynch
@RepStephenLynch
1/3 As Ranking Member of the Financial Services Subcommittee on Digital Assets, we held a hearing yesterday to examine the authority of the Financial Stability Oversight Council, or F.S.O.C., to designate non-bank financial institutions as systemically important…
· via Twitter
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Stephen Lynch
@RepStephenLynch
There are currently 130 countries studying government backed digital currencies, and this amendment would prevent the United States from researching and gaining a thorough understanding of the architecture and the implementation of a CBDC, putting us behind 90% of the world.
· via Twitter
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Stephen Lynch
@RepStephenLynch
This is yet more insanity from conspiracy-crazed House Republicans who are incapable of governing. Meanwhile this year we witnessed the collapse of several U.S. banks that held a combined $500B in assets, as well as the catastrophic demise of the crypto market & the conviction…
· via Twitter
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Stephen Lynch
@RepStephenLynch
As the RM of the Subcmte on Digital Assets, I spoke on the House floor last night in strong opposition to HR 4664, the Financial Services Appropriations Bill & the misguided amendment that would prevent our government from researching a Central Bank Digital Currency (CBDC).
· via Twitter
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Quoted from www.facebook.com on Jul 27th, 2023

Representative Stephen Lynch discussed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (Fit21): "Yesterday The Financial Services Committee marked up H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, which unfortunately is a dangerously inept attempt to regulate digital assets market structure. This piece of legislation strips consumer and investor protections, makes reckless changes to established securities law, and injects confusion rather than clarity into our country’s regulatory framework."

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Quoted from docs.house.gov on Jul 26th, 2023

Representative Stephen Lynch voted against advancing H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, out of the House Financial Services Committee. The recorded vote showed 35 ayes to 15 nays.

H.R. 4763, the Financial Innovation and Technology for the 21st Century Act is a comprehensive market structure bill that would protect consumers, ensure crypto companies have robust rules, and create clarity for job creators and blockchain builders.

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Quoted from lynch.house.gov on Mar 10th, 2023

"I have serious concerns about the volatility and risks crypto assets pose to consumers, particularly low-income and underrepresented communities. The collapse of TerraUSD, Celsius, BlockFi, and FTX speaks to the larger regulatory gaps in this space, including lack of corporate controls, inadequate liquidity or reserves, commingling of assets, and irresponsible practices. I worry that these practices exist across the industry and are a result of insufficient oversight. I commend the actions of this administration through its reports, guidance, and executive orders to thoughtfully examine the benefits and risks of crypto products.

 The crypto industry, and many of my Republican colleagues, have spun a false narrative that the SEC regulates through enforcement and makes it impossible for the industry come into compliance, when in reality, the SEC is enforcing the laws that congress directed it to and has provided appropriate direction. These arguments also conflict with accusations that the SEC did not go far enough in taking actions to prevent the FTX collapse. This attack on the SEC is a tactic employed by the crypto industry to evade compliance with the law because the industry knows that it would not meet the justifiably high standards that make our financial system the envy of the world. "

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Stephen Lynch
@RepStephenLynch
1/2 As Chair of @FSCDems FinTech Task Force, I held a hearing yesterday to examine how the use of a Central Bank Digital Currency (CBDC) might expand access to banking services to unbanked & underbanked communities. As the use of cryptocurrencies & CBDCs continues to develop...
· via Twitter
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