Senator Lummis still ‘very comfortable’ with Bitcoin in retirement plans

[ad_1]

Pro-crypto US Senator Cynthia Lummis has remained firm in her support for Bitcoin (BTC) as part of diversified retirement plans, despite calls to the contrary from her Senate peers.

As things stand, Lummis appears to be just one of the few openly pro-crypto politicians in the United States and has notably pushed for progressive crypto regulation alongside Senator Kirsten Gillibrand.

Speaking to online outlet Semafor on Dec. 12, Lummis pointed out that the crypto winter hasn’t shaken his resolve at BTC and that the discount still likes to see the asset included in 401(k) retirement plans. United States :

I’m very comfortable making sure people can include Bitcoin in their retirement funds because it’s just different from other cryptocurrencies.

I personally believe that because there will only be 21 million bitcoins mined, that bitcoin will increase, Lummis said, adding that this is a personal belief, based purely on its scarcity.

But the jury is still out on other cryptocurrencies,” the senator said.

These comments are a slightly different position than what Lummis originally outlined on retirement plans in June 2021.

At the time, she vouched for the inclusion of some other cryptos, but it seems the crypto winter and recent FTX debacle may have changed her views slightly.

I would also like to see individuals be able to use Bitcoin and cryptocurrencies of their choice that are safe, that have met the hurdles of anti-money laundering and bank secrecy law, Lummis said.

Related: Crypto Twitter Explodes At News Of Sam Bankman-Fried Arrest

Elsewhere on Capitol Hill, senators including Elizabeth Warren, Tina Smith and Richard Durbin instead used the recent market turmoil to reiterate their calls for Fidelity Investments to cancel its BTC-linked 401(k) retirement product. .

In a Nov. 21 letter to Fidelitys CEO Abigail Johnson, the three senators pointed to the FTX debacle as a major reason to refrain from offering BTC exposure in pension plans.

As with all financial products, price fluctuations are an expected feature of the market and it is short-sighted to believe that an industry’s setbacks are an indication that it will not experience long-term growth, said Jonah Allon, Adams’ publicist.

Other senators have been piling on crypto lately, with Jon Tester declaring earlier this week that he sees no reason why crypto should exist at all and Warren enthusiastically declaring that there are finally more people who whistle bullshit.

[ad_2]