Big government spenders are accelerating adoption of crypto assets like Bitcoin

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US Senator Cynthia Lummis is pushing for regulations that would ensure bitcoin remains a good store of value. If cryptocurrency “is to become what El Salvador did, be legal tender, then we must ensure that we use it in a manner that complies with bank secrecy law and anti-money laundering laws. money, ”she said. The pro-bitcoin senator also noted that government big spenders “are doing a lot more than they do to accelerate the adoption of digital assets.”

Senator Lummis on Bitcoin Adoption and Cryptocurrency Regulation

U.S. Senator Cynthia Lummis shared her perspective on the regulation and adoption of cryptocurrency. Following the Senate Banking Committee hearing on cryptocurrencies, she tweeted on Wednesday:

Big government spenders are (accidentally) doing a lot more than me to accelerate the adoption of digital assets. The degradation of our currency causes a flight to digital assets like bitcoin which constitute a store of value.

However, she added that “spending America deeper in a hole is a stupid, inflationary, and utterly unwanted way to drive people into digital assets.” The senator emphasized, “I want the USD to continue to be the world’s reserve currency. We must contain spending and support financial innovation on American soil to protect the status of the United States. “

In an interview with Fox Business on Wednesday, Senator Lummis was asked what form of cryptocurrency regulation she would like to see in the United States in the future.

“I want to start with good, solid definitions… I want the end result to be a regulatory sandbox where everyone understands the rules, but innovation can still happen without restriction,” she replied.

She was then specifically asked how the crypto regulations she advocated would affect bitcoin. She explained:

We want to make sure that bitcoin can continue to serve as a good store of value. And, if it is to become what El Salvador did, be legal tender, then we have to make sure that we use it in a manner that complies with bank secrecy law and anti-money laundering laws. We want to make sure it is used legitimately.

The Wyoming senator was also asked if she owns bitcoin herself. “I own bitcoins myself. It is the only cryptocurrency I own. I own it because it’s great store value. I’m going to save him so when I retire I know he’s there, ”she explained. “The only digital asset I understand is bitcoin, because it’s such a big store of value. Only 21 million will be extracted one day.

Lummis added:

I encourage other people, who want to make sure they have a diversified asset allocation for retirement, at least one asset that they know will hold its value much like gold, which they consider to be bitcoin.

What do you think of Senator Lummis’ comments on bitcoin and regulation? Let us know in the comments section below.

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