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Professional-Bitcoin US Lawmaker Cynthia Lummis Joins Senate Banking Committee, Plans to Persuade Janet Yellen BTC Is Nice Retailer of Worth

02/08/2021

Professional-bitcoin U.S. Senator Cynthia Lummis has been appointed to the Senate banking committee. She has been speaking to Janet Yellen and has outlined her plans to assist the brand new Treasury Secretary and different U.S. lawmakers perceive that bitcoin is a good retailer of worth. Lummis says that Yellen has an open thoughts on this matter although she presently thinks that cryptocurrencies are primarily used for illicit financing.

Senator Lummis Plans to Persuade Congress and Janet Yellen Concerning the Advantages of Bitcoin

U.S. Senator Cynthia Lummis was appointed to the Banking, Housing, and City Affairs Committee final week. The committee has jurisdiction over a variety of issues, together with banks, banking, federal financial coverage, foreign money, and monetary support to commerce and business. Lummis was sworn in to the U.S. Senate on Jan. 3, turning into the primary girl to function U.S. Senator from the state of Wyoming. She beforehand served as Wyoming state treasurer.

In an interview with Morgan Creek Digital companion Anthony Pompliano final week, the senator reiterated her view on bitcoin, stating:

I actually see it as a fantastic retailer of worth for people, for firms, and for presidency … It is a wonderful retailer of worth and that it ought to be a part of each particular person particular person’s funding portfolio.

She has plans to coach different members of Congress about bitcoin. “A brand new monetary improvements caucus” has been shaped within the Senate that may even focus on bitcoin, Lummis revealed.

The professional-bitcoin senator additionally appears ahead to working with the Treasury Division to assist them perceive bitcoin. “I visited with Janet Yellen, the brand new Treasury Secretary, on the telephone the opposite day earlier than her affirmation listening to,” Lummis shared, including:

That is an space the place I believe that she has an open thoughts. She has a few of the similar issues that almost all do in monetary expertise. There are issues about felony or nefarious use of cryptocurrencies.

“So, it’s going to take plenty of work to get to the place we will have an open dialogue that’s free from the muddle of seeing this knee-jerk response to the priority that each one crypto is topic to felony exercise to a really massive diploma,” Lummis opined. She cited findings by blockchain analytics agency Chainalysis that solely 0.34% of all cryptocurrency transactions final 12 months had been associated to felony actions.

Yellen stated throughout her affirmation listening to that cryptocurrencies are primarily used for illicit financing. She then adopted up with extra feedback on the topic and promised “efficient” cryptocurrency regulation.

Do you suppose Senator Lummis will achieve convincing Janet Yellen that bitcoin is a wonderful retailer of worth? Tell us within the feedback part beneath.