US Senator Cynthia Lummis is pushing for regulation to ensure that Bitcoin remains a good store of value. If cryptocurrency “is to become the legal tender made by El Salvador, then we need to ensure that we use it in a manner that complies with the Bank Secrecy Act and anti-money laundering laws,” she said. The senator, who supports Bitcoin, also pointed out that compared with her, large government spenders “have done more to accelerate the adoption of digital assets.”
Senator Lummis on Bitcoin adoption and cryptocurrency regulation
U.S. Senator Cynthia Lummis shared her views on cryptocurrency regulation and adoption.Following Senate Banking CommitteeWhen hearing about cryptocurrencies, she wrote on Twitter on Wednesday:
Big government spenders (accidentally) have done a lot more than me in accelerating the adoption of digital assets. The depreciation of our currency has led people to turn to digital assets such as Bitcoin and other value stores.
However, she added, “Putting the U.S. into a deeper predicament is a stupid, inflationary, and totally undesirable way to drive people to digital assets.” The senator emphasized: “I hope that the U.S. dollar will continue to serve as the world’s reserve. Currency. We need to control expenditures and support domestic financial innovation in order to protect America’s position.”
In an interview with Fox Business on Wednesday, Senator Lummis was asked what form of cryptocurrency regulation she hopes to see in the United States.
“I want to start with a good definition… I hope the end result is a regulatory sandbox where everyone understands the rules, but innovation can still happen without restrictions,” she replied.
She was then specifically asked how the encryption regulations she was pushing would affect Bitcoin. She explained:
We want to ensure that Bitcoin can continue to be a good store of value. Moreover, if it is to become the legal tender made by El Salvador, then we need to ensure that we use it in a manner that complies with the Bank Secrecy Act and the Anti-Money Laundering Act. We want to make sure it is used legally.
The senator from Wyoming was also asked if she owns Bitcoin. “I do own Bitcoin myself. This is the only cryptocurrency I own. I own it because it has a high storage value. I want to save it, so when I retire, I know it’s there,” she Described. “The only digital asset I understand is Bitcoin because it is a very good store of value. Only 21 million will ever be mined.”
Loomis further believes:
I encourage others, they want to make sure that they have a diversified asset allocation in retirement, at least one asset they know will be held in value like gold, which they think is Bitcoin.
What do you think of Senator Lummis’ comments on Bitcoin and regulation? Let us know in the comments section below.
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