Senator Cynthia Lummis wants the US Federal Reserve to invest in Bitcoin (BTC)
This February 17, 2022, Cynthia LummisUnited States Senator, has confirmed her interest in the Bitcoin (BTC). During a panel organized by the Orrin G. Hatch Foundation, a foundation aimed at improving dialogue between political parties, the senator from Wyoming encouraged the US Federal Reserve to add Bitcoin to its treasury.
She estimates that the reserve of 40 billion dollars in foreign currencies held by the central bank of the United States must in particular be used to buy Bitcoin (BTC).
“I think it’s a great idea to be honest. Once there is a legislative and regulatory framework, it will make a lot of sense”says Cynthia Lummis.
The Republican senator assures that regulatory measures are an opportunity for the cryptocurrency industry. While emphasizing that crypto-assets are not the preserve of criminals, Cynthia Lummis believes it is important that a clear regulatory framework is in place to prevent abuse. Once legislation has been put in place, particularly against money laundering, the sector should emerge from it, says the senator.
“The fact that Bitcoin is completely decentralized is going to make it more and more ubiquitous over time, and I think that’s going to be something the Fed should hold on its balance sheet”says the senator.
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Cynthia Lummis, the pro-Bitcoin senator
Cynthia Lummis has never hidden her growing interest in Bitcoin. Convinced that the US dollar is at risk of losing value over time, it also encourages Americans to prepare for their retirement by investing in cryptocurrency. The Republican claims to have bought her first bitcoin in 2013 with the help of her son-in-law. She currently holds 5 bitcoinsor nearly 200,000 dollars given the price of Bitcoin.
“Bitcoin is digital gold. It’s hard money. There will never be more than 21 million.says Cynthia Lummis, pointing to the inherent scarcity of the mother of cryptocurrencies.
The term “hard money” conjures up a currency that has intrinsic economic value, like a coin made of gold. This denomination opposes the currency backed by a commodity having a value, such as gold, to a currency whose only value is decreed by a central bank, such as the dollar or the euro.
“Traditional banks will eventually integrate digital assets, and especially Bitcoin, alongside the US dollar and other fiat currencies”prophesied the senator.
According to the senator, traditional banks are on the verge of adopting Bitcoin and cryptocurrencies to meet the high demand from Americans, especially minorities. Many banks around the world have already announced the launch of offers allowing their customers to invest in cryptocurrencies. This is particularly the case of the Commonwealth Bank of Australia (CBA)Australia’s largest bank, or Morgan Stanleyan American investment bank.
To push the adoption of cryptoassets, Cynthia Lummis announces that she is working on a bill to establish a regulatory framework that protects consumers without stifling innovation. The text of the law provides for the creation of a new body solely dedicated to overseeing the cryptocurrency sector.
This regulatory body would be under the control of the Commodity Futures Trading Commission, the commodity market regulatory agency, and the US Securities and Exchange Commission, the financial policeman of the United States. This bill was Discreetly discussed with regulators and major players in the sector. It will be made public shortly.
? On the same subject – State of Wyoming wants to launch its own stablecoin
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