Utah Sen. Mike Lee and Senate hopeful Rep. John Curtis recently voiced strong support for cryptocurrency at the Permissionless III conference in Salt Lake City, praising it as a revolution in financial freedom and privacy.
Lee warned that heavy federal regulation or a government-controlled central bank digital currency CBDC could severely harm the crypto industry, stifling competition and infringing on personal privacy.
He drew parallels between crypto and the internet’s early days, arguing for a similarly hands-off approach to foster innovation.
Curtis, a strong advocate for the crypto community, highlighted Utah’s innovative spirit, which he believes makes the state an ideal hub for cryptocurrency development.
He co-sponsored several bills favorable to the industry, including the CBDC Anti-Surveillance State Act, which blocks the Federal Reserve from issuing a CBDC, and the Financial Innovation and Technology for the 21st Century Act, aimed at increasing transparency and consumer protections in crypto.
Both lawmakers voiced concerns about increasing governmental control and surveillance, with Lee specifically introducing the Saving Privacy Act to protect Americans’ financial data from being centralized in government databases.
They emphasized the importance of preventing overregulation, which they fear could stifle crypto’s potential to enhance financial privacy and autonomy.
