Speaking on the Yahoo Finance channel, the senator criticized the position of the Securities and Exchange Commission (SEC) for the decision to sue the leading US crypto exchange Coinbase.

Cynthia Lummis drew the attention of viewers that in the case of the largest US cryptocurrency exchange, the SEC demonstrated to all participants in the crypto market the inconsistency of actions and its incompetence.

“Everyone knows that Coinbase has repeatedly contacted the SEC for advice on how to comply with current regulatory rules. However, instead of a qualified and adequate response, Coinbase received penalties and a lawsuit. In my opinion, this is the wrong way to do business in America,” Lummis explained.

In a follow-up interview with Yahoo Finance, the senator said that Congress plans to debate an updated version of a bipartisan bill to regulate the U.S. digital asset space in the next two to three weeks.

Earlier, House Financial Services Committee Chairman Patrick McHenry said he expects a vote on the digital asset market structure bill in the first half of July.