US Senator Lummis: We are closing the door on punitive regulation

U.S. Senator Cynthia Lummis, chair of the Senate Banking Subcommittee on Digital Assets, said in an X post that the Securities Exchange Commission's agreement to drop its lawsuit against cryptocurrency exchange Kraken was "a huge victory for the digital asset industry. We are closing the door on punitive regulation and welcoming the return of American innovation. This is very significant."