Cynthia Lummis Put in Efforts for Pushing Crypto Regulation in Most Prudent Way
Senator Cynthia Lummis is one of the bureaucrats who are also interested in the regulation of Bitcoin as well as of entire virtual assets. She advises that Bitcoin needs to be regulated in the sense that it continues to keep its integrity without jeopardizing its title of “store of value”. She comments that if the future of crypto is that of the legal tender as has been given in El Salvador then it calls for complying with the laws such as Bank Secrecy Act as well as anti-money laundering. She further suggests that the efforts of bureaucrats in bolstering virtual assets’ adoption are commendable.
Senator Cynthia Lummis’s crypto regulation drive is being appreciated by the majority of the crypto community. As per the community, Lummis, who is a known pro-Bitcoiner, is trying her very best to take the government in the right direction.
During the session of the Parliamentary Committee on Senate Banking, she deliberated upon virtual assets and their adoption. After the session, she posted a tweet message in which she commented that spending arms of the Government are doing a great job. She said that through their commendable efforts, the adoption of virtual assets has been bolstered throughout the US, and eventually globally as well. She further commented that the ongoing debasement of USD is accidentally benefitting Bitcoin’s market significantly.
She particularly denied the idea of prompting crypto adoption by means of inflation and stimulus packages is wrong and ill-advised. She stated that she would want to see USD remain as the primary currency for global reserve. However, the States will need to make sure that it never stops adopting innovation and technology. She insisted that Government shouldn’t stop spending money towards adopting innovation and technology in order for the US to maintain its lead.
In a separate interview, Lummis was asked to give her opinion on how she would want to see crypto regulation. She described the regulation to be one that has strong foundations with solid provisions and definitions contained therein. She suggested that the law should consider everyone’s stake i.e. government, government functionaries, investors, and businesses.
She was further asked to give her opinion on how she would expect the regulation to impact Bitcoin. She suggested that her crypto regulation push is prudent and will be benefitting for crypto and for the regulators. She advised that crypto regulation should be made in accordance with public opinion as well. There is no need to act hastily and in fact, the regulation should ensure the “integrity” of Bitcoin. She defined the word “Bitcoin integrity” to mean not jeopardizing Bitcoin’s prestige as a “store of value”.
Before she could wrap up the interview she reaffirmed that she owns Bitcoin which she won’t be liquefying in the near future.