Crypto’s Biggest Betrayal: ‘Senator Lummis Was On Our Team, Now She’s Not,’ Mark Yusko Says
Venture capitalist Mark Yusko says Senator Cynthia Lummis (R-Wyo.) abandoned the crypto industry after years of support, with the Clarity Act settlement on stablecoin yield representing regulatory capture rather than the clarity the industry needs.
The Lummis Betrayal
“Senator Lummis, I thought was on our team and she actually acted like she was on our team for a very long time and now suddenly she’s this great supporter of this horrible bill, which means somebody got to her,” Yusko said on The Wolf Of All Streets podcast on Wednesday.
The Clarity Act settlement means banks win while crypto gets nothing. Lummis recently tweeted a yield sign that investors interpreted as bullish for stablecoin yields, only for news to break that the legislation would ban exchanges from offering any yield on stablecoins.
Yusko compared the gaslighting to the Inflation Reduction Act, arguing that lawmakers often give bills names that reflect the opposite of what they actually do.
The Clarity Act has nothing to do with …
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