Senator Lummis Urges US Leaders to Welcome Bitcoin Since It ‘Can’t Be Stopped’
United States Senator for Wyoming Cynthia Lummis has suggested that Bitcoin (BTC) has the potential to solve existing challenges in the financial sector such as inflation.
According to Lummis, Bitcoin cannot be stopped, saying it offers users an alternative to the devaluation of the dollar in the wake of the rising national debt and inflation, the senator said during an interview with investigative journalist Natalie Brunell in September. 28.
“I love that it can’t be stopped, especially because I’m worried about our national debt, I’m worried about inflation. I see people in my home state of Wyoming going to food banks now because they need fuel to get to their jobs and they have to choose now between expensive gas and food. <...> We see things that promote inflation.<... > It’s actually comforting to know that Bitcoin is there, Lummis said.
Notably, Lummis has been among leading Bitcoin proponents pushing for the sector’s adoption. Along these lines, Lummis introduced a comprehensive crypto-regulation bill that sought to provide a framework for regulating the US crypto sector.
Executives were against Bitcoin
At the same time, Lummis has been at the forefront of trying to educate American leaders about the properties of Bitcoin that can benefit the economy. However, she also called out leaders who tried to crack down on Bitcoin, saying she would resist them.
“We think it (Bitcoin) allows us to innovate but still provides a regulatory framework, so we will be resistant to members of the US Senate and House who want to crack down on it … It’s individual leaders in our country right Now, I think that is bound and determined to do the wrong thing and we have to get through this,” she added.
Furthermore, besides leaders, Lummis pointed out that several decision-makers are opposed to the idea of Bitcoin because it eliminates the element of control from the government. According to the senator, a lack of control has pushed some regulators to be ‘afraid’ of Bitcoin.
US crypto regulatory journey
It is worth noting that the US is currently debating the right regulatory approach to crypto, and the White House got involved after President Joe Biden signed an Executive Order directing federal agencies to study the development of cryptocurrencies.
The order resulted in the White House releasing its first-ever cryptocurrency framework that calls for regulation of the sector to protect consumers.
Watch the full interview below:
