U.S. Senator Cynthia Lummis is pushing for regulation that would ensure Bitcoin remains a good store of value. If cryptocurrency is to “become what El Salvador did, legal tender, then we need to make sure we use it in a way that complies with banking secrecy and anti-money laundering laws,” she said. The pro-bitcoin senator also noted that major government spending “does far more to accelerate digital asset adoption” than she does.
Senator Lummis on the introduction of Bitcoin and the regulation of cryptocurrencies
US Senator Cynthia Lummis shared her opinion on the regulation and adoption of cryptocurrencies. After hearing the Senate Banking Committee on cryptocurrencies, she tweeted on Wednesday:
Big government spending (inadvertently) doing a lot more than I do to accelerate digital asset adoption. The devaluation of our currency is leading to an escape into digital assets like bitcoin, which are a store of value.
She added, however, that “digging America deeper into a hole is a stupid, inflationary, and overall undesirable way of driving people to digital assets.” The Senator emphasized: “I want the USD to remain as a world reserve currency. We need to control spending and support financial innovation on US soil to protect the status of the United States. “
In an interview with Fox Business on Wednesday, Senator Lummis was asked what form of regulation of cryptocurrency she would like in the US in the future.
“I want to start with good, solid definitions … I want the end result to be a regulatory sandbox where everyone understands the rules, but innovation can still take place freely,” she replied.
She was then specifically asked how the crypto regulation she was calling for would affect Bitcoin. She stated:
We want to make sure that Bitcoin can continue to serve as a good store of value. And if it is to become what El Salvador did, legal tender, then we need to make sure we use it in a way that complies with banking secrecy and anti-money laundering laws. We want to make sure it is being used lawfully.
The Wyoming senator was also asked if she owned Bitcoin herself. “I own Bitcoin myself. It’s the only cryptocurrency I own. I own it because it’s a great store value. I’ll save it so I know it’s there when I retire, ”she described. “The only digital asset I understand is Bitcoin because it’s such a huge store of value. Only 21 million will ever be mined. “
I encourage other people who want to make sure they have a diversified asset allocation for their retirement, at least one asset that they know will hold value similar to gold, that they consider Bitcoin.
What do you think of Senator Lummis’ comments on Bitcoin and regulation? Let us know in the comment section below.
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