Lummis said she sought to bring knowledge about cryptocurrencies to Washington, where they do not recognize the crypto world completely. The senator commented that she was working in a legal sandbox to give cryptocurrencies a place in the US economy.
Bitcoin (BTC) and other cryptocurrencies have become increasingly relevant in the economy, which authorities and regulators have not overlooked. US Senator Cynthia Lummis recently highlighted her support for a legal environment that allows including BTC as a duly regulated security.
The politician and attorney is the current junior senator for Wyoming and the first woman to represent that town in the Senate.
Lummis Believes the Government Should Learn More about Bitcoin
The senator said she seeks to bring knowledge about cryptocurrencies to the traditional government environment. Since she thinks that Washington does not recognize the crypto world completely, she intends to familiarize them with the blockchain.
Lummis pointed out that she has developed informative sessions on BTC to explain the situation to other officials. Her objective is to spread the data about the possible integration of cryptocurrencies into a functional legal system.
The Senator Seeks the Interaction between Bitcoin and Regulators
Cynthia Lummis highlighted how the agencies that regulate the economy perceive the arrival of Bitcoin. She commented that she was working on a legal sandbox, which would give cryptocurrencies a place in the US economy.
She also stated that she wants the cryptocurrency landscape and regulators to have an ongoing interaction. She said that this is the case with the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission).
Cynthia Lummis believes that BTC could be a more relevant asset at an institutional level and places it in the commodities conglomerate.
She Talks about the Incidence of the Blockchain in the World
Besides a consistent regulatory framework, the senator talked about how different countries use blockchain technology. She said that even bad people have turned to the pioneering cryptocurrency as a method to store value.
She mentioned that Venezuela uses Bitcoin and other cryptocurrencies as part of its finances to sustain the economy. Likewise, she noted that people send money from the United States to El Salvador through BTC faster, easier, and safer than traditional money.
She also touched on the current strategic measures of Russia, in which the powerhouse has turned to cryptocurrencies to evade Western sanctions on the ruble.
The US Government Plans to Create a Digital Dollar
Although cryptocurrencies have come a long way over the past year, government financial agencies want to create their version of the crypto ecosystem. The US Federal Reserve (Fed) has planned the digital dollar for several years but has not yet finalized that project.
Lummis expressed that she wants to bring digital assets to the population, overcoming the current obstacles. She thinks those assets are stablecoins, which citizens should receive without many filters or controls.
Bitcoin is trading at around USD 42,780 and has accumulated a 0.9% loss over the last 24 hours. Its daily trading volume is above USD 11.58 billion, and its market capitalization is about USD 813.05 billion, according to CoinGecko.
By Alexander Salazar
