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Senator Cynthia Lummis, R-Wyo., Said she would support digital asset regulations as long as “they are very simple rules, easy to understand and not too restrictive because we want to see increased innovation in this space.” .
Senator Cynthia Lummis, R-Wyo., Who owns bitcoin, told “Varney & Co”. Tuesday that she supports cryptocurrency regulation because she wants “a level playing field”.
Bitcoin and other cryptocurrencies are still not regulated within the US financial system.
Lummis said she would support regulations for digital assets as long as “they are very simple rules, easy to understand and they are not too restrictive because we want to see increased innovation in this space.”
Ticker Security Last modification Modification% RIOT RIOT BLOCKCHAIN INC 32.26 +0.69 +2.19% MSTR MICROSTRATEGY, INC. 560.26 -23.41 -4.01%
Lummis made the statement on Tuesday as crypto-related companies like Riot Blockchain Inc. and MicroStrategy Inc. were under pressure as the price of bitcoin slumped below $ 30,000 a coin and was on the way to close at its lowest level this year. .
Bitcoin had fallen from its all-time high of $ 64,829 to below $ 30,000 a coin on Tuesday, although it returned to over $ 32,000 on Tuesday afternoon, according to Coindesk. Bitcoin, along with many other cryptocurrencies, also suffered drastic declines in the past month.
Investors suffered one of their biggest losses on May 19 when China announced it would ban financial and payment institutions from providing digital currency services.
The drastic drop in cryptocurrencies began when Tesla announced that it would not accept digital currency as a form of payment for their vehicles, which was a reversal from a previous announcement. The reason given was the potential environmental damage that could result from mining the cryptocurrency.
Senator Cynthia Lummis, R-Wyo., Looks at potential regulations for cryptocurrencies and the energy policies of the Biden administration.
ELON MUSK QUESTIONS STATEMENTS BITCOIN IS SUSTAINABLE
Earlier this month, Tesla CEO Elon Musk tweeted that the electric car maker would resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.
When host Stuart Varney asked Lummis what she thought of bitcoin’s decline on Tuesday, she said, “I’m really excited about this because as soon as it drops a little more I’m going to buy more.”
Ticker Security Last change Change% URI UNITED RENTALS, INC. 303.48 + 3.99 +1.33%
“My favorite stock that I own is a company called United Rentals,” she continued. “I bought it and it fell like a rock.”
She explained that she was hanging on to it “and my god it has worked wonderfully over the years for me”.
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“I see Bitcoin doing the same sort of thing because the fundamentals are good,” Lummis said.
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Ken Martin and Jonathan Garber of FOX Business contributed to this report.
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