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Senator Cynthia Lummis Talks About Crypto Regulation And Her Bitcoin Investment

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Republican senator Cynthia Lummis may be pushing to regulate cryptocurrency, but make no mistake about it, she is a staunch advocate of the digital coin. The aim of her desired crypto-regulation is to turn virtual currency into a more reliable store of value that will follow laws meant to ensure the safety of investors and traders alike.

The Wyoming senator also believes that the careless spending habits of the Biden administration and its cohorts contribute largely to the rise in popularity of bitcoin and other cryptocurrencies in the blockchain. 

“Big gov’t spenders are (accidentally) doing far more to accelerate the adoption of digital assets than I am. The debasement of our currency is causing a flight to digital assets like bitcoin that are a store of value,” Lummis stated in a tweet last week.

“Spending America deeper into a hole is a stupid, inflationary and altogether undesirable way to drive people to digital assets,” Lummis added.

Last week, Lummis appeared on Fox Business to address the issues surrounding cryptocurrency regulation in the United States.

“I want to start with good solid definitions. I want the end result to be a regulatory sandbox where everyone understands the rules but innovation can still occur unrestricted,” she stated.

“We want to make sure that bitcoin can continue to serve as a good store of value. And, if it is to become what El Salvador has done, legal tender, then we need to make sure that we are using it in ways that comply with the Bank Secrecy Act and anti-money laundering laws. We want to make sure that it’s used legitimately,” she added.

During the interview, the senator also revealed that she does indeed own bitcoin, which is testament to how much she trusts and understands the technology of virtual currencies. Although not to be taken as financial advice, Lummis encourages Americans to look into other forms of assets to preserve their wealth in the long term, with digital assets being one of them.

“I do own bitcoin myself. It’s the only cryptocurrency I own. I own it because it’s a great store value. I’m going to save it so when I retire I know it’s there. The only digital asset that I understand is bitcoin because it’s such a great store of value. Only 21 million will ever be mined,” Lumis said.

“I encourage other people, who want to make sure that they have a diversified asset allocation for their retirement, at least one asset that they know is going to hold its value much like gold, that they consider bitcoin,” Lumis added.

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