Cynthia Lummis, United States Senator for the state of Wyoming and hodler for bitcoin, is now on the Senate Banking Committee. In this way, one of the most prominent defenders of cryptocurrencies of the US government, will be involved in financial regulation matters.
Lummis broke the news from her official Twitter account, stating that she is excited to participate not only in the Banking Committee, but also in the Trade and Environment Committee. The senator also added that she hopes to promote within the Senate issues such as public lands, broad bands in rural areas, and financial innovation.
On this last point, through a statement, Lummis noted that he will work to implement legislation for bitcoin and other cryptocurrencies. “I look forward to (…) working alongside federal regulators to ensure that regulation for digital assets is structured to encourage innovation, rather than stifle it,” he explained.
The members of the Banking Committee are responsible for any action for the financial regulation of the United States. This entity has been involved, for example, in discussions about the implications that Facebook’s Libra, now known as Diem, could have on the US market. Likewise, the Banking Committee has also been in charge of studying the possibilities to launch a digital dollar.
Lummis will educate lawmakers about Bitcoin
Between her first appearances as a member of the Senate, Cynthia Lummis vowed to make the Bitcoin debate visible on a national level. To make matters worse, recently in a podcast with Anthony Pompliano, a bitcoin investor, the senator revealed that she is planning to create a Financial Innovation Caucus. The project will be focused on educating US legislators about the cryptocurrency market , dismantling narratives that such assets are used for money laundering.
The participation of Cynthia Lummis in this committee is of great importance for the cryptocurrency market, if we take into account that many companies in the sector are waiting for a stable regulatory posture from the United States government. As if that were not enough, the senator is one of the few members of the Senate who has participated so publicly in her interest in bitcoin and other assets.
Lummis is hodler of the cryptocurrency since 2013, the year in which he bought his first bitcoins. According to interviews with the senator covered by CriptoNoticias, has never sold his holdings in BTC, and uses the cryptocurrency as a method of saving and investment «that is disengaged from the current economy. ”
Lummis has also had conversations with the Secretary of the Treasury, Janet Yellen, who had also made unfavorable statements for bitcoin by linking it to criminal sources.
The Wyoming senator determined that Yellen is an ‘open-minded’ person, so this could be a positive sign for the cryptocurrency market in America. However, Cynthia Lummis does recognize that it will not be an easy road and that many will have to be educated on the subject of bitcoin. The cryptocurrency community now has the senator as an ally.