US Senator Expresses Her Support for Bitcoin

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In Brief
  • Senator Cynthia Lummis has declared her pro-crypto stance and hopes to educate her colleagues.

  • Lummis wants the U.S. to lead the CBDC charge.

  • She stressed the importance of a balance struck between regulating crypto and not restricting innovation.

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As Bitcoin and cryptocurrencies continue to gain legitimacy worldwide, one U.S. lawmaker believes that taking action is of high importance.

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Senator Cynthia Lummis recently discussed her passion for Bitcoin in a podcast interview hosted by Anthony Pompliano. In the 29-minute discussion, Lummis gave some insight into what lawmakers had in store for cryptocurrencies.

Bitcoin — An Inflationary Hedge

Senator Lummis is one of the first legislators to announce ownership of digital assets. She said that she first bought Bitcoin between 2013/2014 and has continued to pay attention to it since. Lummis believes that regardless of its high volatility, it has maintained its quality as a good store of value.

The Senator highlighted that the risk of inflation with holding fiat has exposed cracks in the financial system and stated that Bitcoin should be a included in everyone’s investment portfolio.

Creating a sound regulatory framework for cryptocurrencies has been a pressing issue in the U.S. for some time now. In reference to this, Sen. Lummis stressed that crypto regulations need to leave room for innovation. 

However, the education of elected officials continues to limit policymakers’ ability to make informed decisions on crypto assets. Sen. Lummis revealed her plans to form a financial innovation caucus in the senate. This group will serve as a springboard to educate the U.S. Senate and its staff about financial innovations. With this initiative, she hopes to demystify blockchain and its various use cases to her colleagues.

CBDC Fomo

Sen. Lummis also addressed regulators’ sentiments on Bitcoin and CBDCs. the misconstrued notion of BTC as a money-laundering tool. This led to her stating plans to use her position to fight against the negative Bitcoin narrative.

“I think one of the first things that we are going to be working on is fighting a narrative about digital assets and crypto being used for money laundering because that is a game stopper right from the beginning.”

Senator Lummis added,

“What we know is, according to Chainalysis, cryptocurrency-related crime is smaller than criminal activities with cash.”

Meanwhile, various countries have begun a race of creating their own Central Bank Digital Currency (CBDC). On this topic, Senator Lummis firmly maintains that it would favor the U.S. to stay ahead of the curve. She emphasized that China is currently leading this race and hopes it does not remain that way for too long.

“I want the United States to be a leader in my home state of Wyoming. We have the most innovative laws in the country on blockchain and cryptocurrency technology,” She said.

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Alo Kingsley is a content writer with 4+ years of experience in writing within the blockchain and cryptocurrency niche. He first discovered Bitcoin in 2016 and has been passionate since then about various ways Blockchain can help Africa and the world at large. He aims to give the crypto space a more geographically balanced narrative as it evolves.

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