Cynthia Lummis stated that she wants to ensure regulation for digital assets that encourages innovation. The US senator is also a member of the Trade and Environment Committee.
Wyoming State Senator Cynthia Lummis, who is a Bitcoin hodler, is now a member of the Senate Banking Committee. In doing so, this prominent cryptocurrency advocate from the US government will get involved in financial regulatory matters.
Lummis stated on Twitter that she is excited to participate in the Banking Committee and the Trade and Environment Committee. The senator added that she hopes to promote issues such as public lands, broadbands in rural areas, and financial innovation.
In a statement, Lummis addressed this last point, noting that she will work to put legislation in place for Bitcoin and other cryptocurrencies. “I look forward to working on regulation for assets jointly with federal regulators. That will ensure the structures to encourage innovation, rather than stifle it,” she explained.
Any action for the financial regulation of the United States is the members of the Banking Committee responsibility. That entity has participated in discussions about the possible implications of Facebook’s Libra, now known as Diem, in the US market. The Banking Committee has also been in charge of studying the possibilities to launch a digital dollar.
Lummis Will Educate US Legislators about Bitcoin
Cynthia Lummis has been committed to discussing Bitcoin on a national level since her first appearances as a member of the Senate. Additionally, the senator revealed that she wants to create a Financial Innovation Caucus during a conversation with Bitcoin investor Anthony Pompliano. The project focuses on educating US lawmakers about the cryptocurrency market. With this, she would seek to dismantle the narrative that the purpose of those assets is to conduct money laundering activities.
Many companies in the crypto sector are expecting a stable regulatory stance from the US government. The participation of Cynthia Lummis in this committee is of great importance for this market. The senator is among the few members of the Senate who have publicly shown their interest in Bitcoin and other assets.
Lummis has been a Bitcoin hodler since 2013 when she bought her first coins of the pioneering cryptocurrency. The senator has never sold her holdings in Bitcoin and uses the cryptocurrency as a method of saving and investing. She says that this is something “that is not related to the current economy.”
The senator has also had conversations with US Treasury Secretary Janet Yellen, who had also linked Bitcoin to criminal activities.
Cynthia Lummis considers Yellen to be an “open-minded” person, which would be positive for the cryptocurrency market in the United States. However, the Wyoming senator admits that it will not be easy as it will be necessary to educate many about the subject of Bitcoin. The cryptocurrency community now has the senator as an ally to make that happen.
By Alexander Salazar
