US Senator Cynthia Lummis says in an interview that she is all in on Bitcoin as the interview took place during the Bitcoin conference earlier this year in Miami so let’s read more in our latest Bitcoin news today.
Senator Lummis is the first woman to be elected as a Wyoming senator and she is keeping in line with this stride believing that Bitcoin is a great way to fight against inflation. The inflation rate of the US dollar is not at 2% per year with others saying that the rate is going to go up as the years go by. This led to people looking for other ways to store money that doesn’t expose them to inflation. By design, Bitcoin is not subject to inflation which makes it a great store of value when it comes to saving. But with the volatile nature of the coin still being a major concern for a lot of people, price manipulation is a great concern with BTC As well. And this surely caused alarm when people started saving their money in BTC.
However, US Senator Cynthia Lummis believes that Bitcoin is a great store of value. Lummis sat down with Reason during the Bitcoin conference and the senator declared that BTC provided a legitimate alternative store of value as well as a medium of exchange. She added that it will act as a check on the devaluation of fiat currencies. The US Senator Cynthia Lummis says that she has always been Bitcoin-friendly and then announced the Financial Innovation Caucus that she co-founded with Senator Kyrsten Sinema.
Senator Lummis founded the Financial Innovation Caucus to outline the responsible innovation in the US financial system which will help to make financial markets safe and bring prosperity for all Americans. The senator also brought up that she had been talking with the Biden Administration with regards to BTC and said that the conversations were quite productive:
“Additionally, I’ve had a number of productive and encouraging conversations with the Biden administration’s appointees at the key agencies regulating digital assets like bitcoin. This space is new and uncharted, and my team is working with them as they work to incorporate digital assets into the American financial system.”
With regards to regulation, Senator Lummis pointed out:
“I’m primarily focused on working with the Federal Reserve, the Securities and Exchange Commission, and others to ensure that any regulations on new kinds of banks and digital assets foster innovation instead of stifling it.”
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