Pro-Bitcoin US Lawmaker Cynthia Lummis Joins Senate Banking Committee, Plans to Convince Janet Yellen BTC Is Great Store of Value
Pro-bitcoin US Senator Cynthia Lummis has been appointed to the Senate Banking Committee. She spoke with Janet Yellen and outlined her plans to help the new Treasury Secretary and other US lawmakers understand that bitcoin is an excellent store of value. According to Lummis, Yellen is open to the topic, although she currently thinks cryptocurrencies are mainly used for illicit financing.
Senator Lummis plans to convince Congress and Janet Yellen of the benefits of bitcoin.
Last week, Senator Cynthia Lummis was appointed to the Banking, Housing and Urban Affairs Committee. The Committee has jurisdiction over a wide range of topics, including banking, federal monetary policy, the foreign exchange market, and commercial and industrial financial assistance. Lummis was born on January 3 in the U.S. Senate. This made her the first woman to enter the Senate from Wyoming. Prior to that, she was Wyoming State Treasurer.
In an interview with Morgan Creek Digital partner Anthony Pompliano last week, the senator reiterated her views on bitcoin:
I see great value in this for individuals, businesses and government….. This is a great value add that should be part of everyone’s investment portfolio.
She plans to educate other members of Congress about bitcoin. The Senate has created a committee on new financial innovations that will also look at bitcoin, Lummis said.
The pro-Bitcoin senator is also looking forward to working with the Treasury Department to help them understand Bitcoin. The other day I called the new Treasury Secretary, Janet Yellen, for her hearing, Lummis told me: I spoke to the new Treasury Secretary, Janet Yellen, on the phone:
This is one area where I think she has an open mind. It has some of the same problems as most companies in the financial technology sector. There are concerns about criminal or malicious use of cryptocurrencies.
So there will be a lot of work to do to reach a point where we can have an open dialogue without confusing responses to concerns that all cryptographers are at high risk of criminal activity, Lummis said. It cited data from blockchain analytics firm Chainalysis that only 0.34 percent of all cryptocurrency transactions last year involved criminal activity.
During her confirmation hearing, Yellen said cryptocurrencies are mainly used for illicit financing. She then commented on the issue and promised effective regulation of cryptocurrencies.
Do you think Senator Lummis will succeed in convincing Janet Yellen that bitcoin is an excellent store of value? Let us know your comments in the section below.
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