“The domestic industries really are trying to comply, for the most part, and they’re just getting the cold shoulder,” Lummis says.

This quote alone should immediately disqualify Lummis from ever touching any piece of legislation relating to crypto. To suggest that companies like Binance have been “trying to comply” is such a staggeringly bald faced lie that its hard to imagine how a human being could utter it without spontaneously combusting on the spot.

To quote the chief compliance officer at Binance, “WE ARE RUNNING A FKING UNLICENSED SECURITIES EXCHANGE IN THE USA BRO”. These people a) know damn well they’re selling securities, which is exactly why their hired goons on capital hill are pushing to reclassify them as commodities, and b) know damn well that they are doing everything in their power to evade regulation.