US Senator Cynthia Lummis loves Bitcoin
In a recent interview, Wyoming Senator Cynthia Lummis claimed that she loves the fact that Bitcoin can’t be stopped and that authorities can’t just confiscate crypto.
Cynthia Lummis: Bitcoin’s decentralization makes it unstoppable
“That’s why it’s very comforting for me to know that bitcoin is there,” those are the words of the US senator Cynthia Lummis of Wyoming, who recently introduced a cryptocurrency bill titled the “Lummis-Gillibrand Responsible Financial Innovation Act” drafted with Senator Kirsten Gillibrand.
The expression is taken from an interview the senator gave to Hard Money Natalie Burnell.
Lummis pointed out that in a world where the same money only buys half of the groceries, worries about the country’s debt and family finances are the order of the day, so much so that the choice is often between paying for utilities or buying. food and basic necessities:
“I see people in my home state of Wyoming who now go to food banks because they need fuel, they need gas, to get to work and now have to choose between gas and expensive food, so they want to go to food banks for their own food. So when we see things that are inflationary, when we see that the value of one dollar goes down when you go to the supermarket and you walk out with a lot of food and for the same price as you walk out with two, we really have to look at the resources that will be there in the long run. . That’s why it’s very comforting for me to know that bitcoin is there.”
While inflation and expensive energy are far from resolved, that is also true Bitcoin and its deflationary and uncontrollable third party nature will not be temporary but rather here to stay.
In this regard, the senator stated:
“I like that it cannot be stopped, mainly because I am concerned about our national debt. I am worried about inflation.”
The security that digital gold provides is very important for various reasons, and it is especially so in countries where the legality can take inappropriate turns, such as e.g. expropriation of assets, homes and bank accounts should the state run into problems.
Bitcoin’s benefits in a society in crisis
Bitcoin is not controllable by states, which makes them nervous, but at the same time creates security among ordinary citizens and not just investors or traders:
“Bitcoin is something the government cannot accept. For people in foreign countries who live in very unsafe places, this is definitely a backstop and something they can comfortably go to bed at night knowing will be there in the morning.”
The “Lummis-Gillibrand Responsible Financial Innovation Act” drafted by the senator and her colleague Kirsten Gillibrand, proposes to implement the existing bill that regulates the use of cryptocurrencies in America, but does so in a deliberately over-detailed manner.
The topic, which the senator knows is of great interest to the masses, will make people interested in the new efforts and loopholes, and in the relevant section they can post suggestions, specifications or criticisms so that they can be investigated and studied in depth. to refine the final bill with direct feedback also from enthusiasts and ordinary citizens.
In Lummi’s words:
“This is a very comprehensive piece of legislation, probably too comprehensive given the time left in 2022 for the bill to pass. But what it does do is give us more time to get more input on the bill, and we want to embrace it. We will that people should supply. further input, ideas and thoughts.”
It’s a firm and open approach from the Wyoming senators, who are betting heavily on cryptocurrencies and Bitcoin as one tools to support the people and the state itself.
