Senator Lummis Argues Inflation Instigating Spread of Cryptocurrency in US
US Republican senator, Cynthia Lummis remains a Bitcoin proponent. In a recent statement, she declared that inflation and excessive spending by the US government is causing the awareness of cryptocurrencies to vastly spread. As such, people are turning towards crypto assets to protect themselves against the risks of inflation and the resulting currency devaluation.
While speaking on a Thursday ‘Varney & Co’ interview on Fox Business cable network, the Wyoming-born senator noted that US regulators should come up with crypto-based regulations. She also urged them to endorse mining operations across US states. Lummis called out to Chinese miners already leaving China in the wake of a mining ban.
Senator Lummis has been a long-standing advocate of the adoption of cryptocurrency, especially Bitcoin. Earlier in July, she had proposed a talk with the US president, Joe Biden on crypto assets and stablecoins. However, Lummis stated on Twitter that big government spenders are inadvertently speeding up the adoption of cryptocurrencies than herself. According to her, inflation, the devaluation of the US dollar is pushing US citizens to hedge against the implications of these issues by storing their assets in cryptocurrency.
Senator Lummis Wants US Dollars to Remain Reserve Currency Globally
Lummis admitted that the latest trend is not actually something to rejoice over. It is Lummis’ intention that the US dollar remains the reserve currency of banks around the globe. Excessive spending by the government may put this in jeopardy and instigate a widespread adoption of digital assets, which is already happening. As such, the US government needs to keep a leash on spending and embrace fintech solutions, said Senator Lummis.
“BUT spending America deeper into a hole is a stupid, inflationary & altogether undesirable way to drive ppl to digital assets.”
Commenting on a Tuesday hearing convened by the Senate Banking Committee, on the implications of cryptocurrencies, Lummis advocated for ‘good solid definitions’ as the baby steps in regulations. In addition, she called for a regulatory atmosphere where the boundaries are respected by everyone, but the emergence of new and transforming technologies is encouraged.
‘I Want Bitcoin to Remain a Good Store of Value,’ Says Lummis
Interestingly, the same view is shared by the US SEC Commissioner Hester Peirce who understands the need for regulations, but in the same vein clamored for a mild approach such that innovations are not stifled. For Lummis, she wants a situation where Bitcoin does not lose its appeal as a store of value.
The US Senator also wants a fair playing field for miners, paving the way for mining operations to commence in US states including Texas, Wyoming. Meanwhile, Texas is already one of the choice locations for Chinese miners. The past few weeks have seen them flock to the US states and other regions as China changes its stance on Bitcoin mining.
Lummis is not just paying lip service in her support for Bitcoin; she admitted to holding a substantial amount of the top crypto asset. According to her, she sees storing and holding Bitcoin as a wise retirement plan.
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