Senator Cynthia Lummis: Bitcoin is a commodity, other crypto assets are securities

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US Senator Cynthia Lummis (R-WY), one of Bitcoin’s most vocal political supporters, said in an interview with CNBC on Tuesday that she believes Bitcoin is a decentralized commodity and other crypto assets behave like titles.

When asked if and to what extent crypto assets outside of Bitcoin were “here to stay”, Cynthia Lummis replied, “I think Bitcoin is here to stay,” the Senator went on to say that she think other cryptos aren’t.

Among the merits of Bitcoin and the advantages it presents over all other assets, Lummis listed the fact that “Bitcoin is fully decentralized” and that there are no premeditated benefits for the person or the entities. who created it, unlike the issuance of other cryptos by centralized people or entities, which often take profits from pre-mining. The pumping and dumping nature of cryptos outside of Bitcoin is part of what throws them into the securities business.

“Bitcoin is clearly a commodity. It is digital gold, ”said Senator Lummis. The Wyoming senator then advocated for a regulatory framework in which the Bitcoin space can continue to innovate.

Asked about the Congress spending bill negotiations, Senator Lummis said, “We are talking about trillions of dollars. It’s money we don’t have – inflation is running wild.

Regarding inflation, Lummis reiterated: “This is not transitory. He’s here to stay.

Senator Lummis also expressed the view that the Federal Reserve should raise interest rates, not spend as much in general, and mentioned that she was for “no quantitative easing”.

Senator Lummis concluded: “Bitcoin is the norm. Everything else needs to be watched differently, because they are created differently.

These comments come at a time when the majority of news organizations, politicians and major voices in the Bitcoin and crypto space fail at all to differentiate Bitcoin and other attributes of crypto, often using the two distinct classes of interchangeably.

Cynthia Lummis shares her understanding and clarifies the distinction between Bitcoin and crypto for many by arguing for clearer regulatory definitions. Bitcoin carries with it a fundamental guarantee of ownership. Cryptocurrencies don’t.

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