US Senator Cynthia Lummis, a strong advocate of crypto, has urged the US government to embrace Bitcoin as a reserve asset. She holds the belief that incorporating Bitcoin into the nation’s financial reserves might greatly augment the worth of the US dollar and bolster its stability and influence. Lummis, who represents Wyoming, has been a notable proponent of Bitcoin, advocating for its broader integration into the US financial system.
Lummis’s endorsement coincides with an increasing pattern of political leaders endorsing cryptocurrency, such as former President Donald Trump, who has lately expressed support for Bitcoin.
Trump cautioned that disregarding Bitcoin may potentially favor competitors like Russia and China. She is against the concept of a central bank digital currency (CBDC) for the US and advocates for a legislative structure that guarantees the security and safeguarding of self-custody Bitcoin wallets. This method enables users to securely and privately control their digital assets.
US Representative Tom Emmer, a prominent supporter of cryptocurrencies, has once again emphasized his demand for the removal of SEC Chair Gary Gensler. Emmer has consistently criticized the SEC’s approach to the digital asset business, characterizing it as “regulation-by-harassment.”
The individual leveled allegations against the SEC, claiming that it has been singling out the cryptocurrency business in an unjust manner during Gensler’s tenure. This situation underscores the continuous conflict between the SEC and proponents of cryptocurrencies, who argue that the regulatory body’s activities are impeding progress and creativity in the realm of digital assets.
Notwithstanding the ongoing discussions over regulations, the overall cryptocurrency market is displaying indications of recuperation, as the total market value of cryptocurrencies has risen to $2.15 trillion following a decline in prices during July.
In May of this year, Senator Cynthia Lummis opposed the Biden administration’s strict bitcoin rules.
