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GOP Senator Cynthia Lummis Turned Wyoming Into A Cryptocurrency Haven

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The GOP-led state of Wyoming holds the distinction of becoming the first in America to embrace cryptocurrencies. Texas may soon be considered the biggest in terms of crypto mining, as that’s what we expect from the Lonestar State, but Wyoming will always be the pioneer and one of the main driving forces in the industry.

Thanks to Cynthia Lummis, the Republican senator responsible for the passing of a number of laws vital to the development of cryptocurrency in the state. Lummis was a two-time Treasurer of Wyoming from 1998 to 2002, giving her a significant edge in understanding the nuances of finance and the country’s economy.

“I had been my state’s treasurer in Wyoming. I was always looking for a store of value, and I see bitcoin specifically as a great store of value. Only 21 million will ever be developed. We know that scarcity will protect its value going into the future, unlike the U.S. dollar that we’re printing more of every single day,” Lummis said in an interview with Reason Magazine.

Another important factor that contributes largely to Wyoming’s coronation as crypto capital of the United States is its friendly regulatory laws that offer tax exemptions to holders of digital assets such as bitcoin and ethereum. Moreover, Wyoming has also launched a pioneering banking charter for the crypto industry and has even legally recognized digital decentralized autonomous organizations or DAOs, a form of investor-directed venture capital fund.

“It’s not a competitor, but it’s an alternative saving instrument for people who, like me, are concerned that the U.S. dollar saved will be worth far less than when it’s deposited in savings. So I see it as an opportunity to save for my future in something that will grow in value, not fall in value,” Lummis explained when asked whether cryptocurrencies will affect the US dollar negatively.
Times are hard for the average American nowadays as everyone tries to cope up financially with the crippling blow dealt by the COVID-19 pandemic. It is important that every struggling citizen be given an option to curb the ill effects of inflation.

“I see both young and older people very concerned about how we’re destroying the value of the dollar by printing too much money. That is a common concern that crosses age groups. Young people are as worried as people my age that we’re spending too much money—that the U.S. dollar will lose value, that we’ll have inflation, maybe hyperinflation. So they want to see an alternative like bitcoin protected. We want to see tokens and stablecoins available so there are places to go if the U.S. dollar underperforms dramatically,” Lummis elaborated.

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