As the popularity of cryptocurrencies such as Bitcoin explode, the Biden administration is laying the groundwork for heavier regulation, and that could spark a big fight in Congress.

MARY LOUISE KELLY, HOST:

Cryptocurrency is at a crossroads. As its popularity explodes and bitcoin hovers near a record high, the Biden administration is laying the groundwork for heavier regulation. That could set up a fight in Congress. As NPR’s David Gura reports, a small group of lawmakers is worried the U.S. could miss out on an opportunity to be a leader in a financial revolution.

DAVID GURA, BYLINE: Republican Cynthia Lummis is a senator from Wyoming, a rancher and a HODLer.

CYNTHIA LUMMIS: My son-in-law has a shirt that says friends don’t let friends sell bitcoin. And that is my investment strategy for bitcoin.

GURA: A HODLer is crypto-speak for someone who bought cryptocurrency and who’s held on to it, despite its extreme volatility. Lummis paid $330 for her first bitcoin back in 2013, and today it’s worth around $60,000. She’s bought more of it since, which means Lummis stands to gain or lose from the policy she’s helping to shape. Lummis wants Wyoming to become one of the world’s crypto
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