US Senator Lummis: big government investors step up promotion of crypto assets like bitcoin

US Senator Cynthia Lummis insists on rules that will ensure Bitcoin remains a good store of value. If cryptocurrency ” is to become the legal tender of el Salvador, then we have to make sure that you use it under the banking Privacy Act and money laundering laws,” he said. Defending bitcoin, the senator also noted that large government spending “does much more to accelerate the adoption of digital assets.”

Senator Lummis on the promotion of bitcoin and the regulation of cryptocurrency
U.S. Senator Cynthia Lummis shared her views on the regulation and adoption of cryptocurrencies. He tweeted Wednesday after hearing the Senate Banking Commission on cryptocurrencies:

Big government spending is doing a lot more than I am to accelerate the adoption of digital assets (inadvertently). the decline in our currency is causing a flight towards digital assets such as bitcoin, a store of value.

But, he added, ” deepening America further into the pit is a foolish, inflationary and utterly undesirable way to attract people to digital assets.”The senator stressed:” I want to remain the US dollar as the world’s reserve currency. To maintain the status of the United States, we need to spend money on U.S. soil and support financial innovation.”

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

“I want to start with good strict definitions … I want the final result to be a normative sandbox where everyone understands the rules, but innovation can still happen indefinitely, ” he replied.

He was then asked how the cryptocurrency regulation, which he calls bitcoin in particular, would affect. He explained:

We want to make sure bitcoin can continue to serve as a good store of value. And if you want to find something that El Salvador does legal bidding for, we have to make sure that you use it in a way that meets the bank’s requirements.

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