One of the most vocal digital currency enthusiasts in the U.S. Congress has been appointed to the Senate Banking Committee. Wyoming Senator Cynthia Lummis will join the all-powerful committee that’s charged with formulating regulations for the financial services industry, including digital currencies.
In addition to serving in the Banking Committee, Lummis was also appointed to two other committees, one on commerce and the other on environment and public works. She took to Twitter to reveal her excitement, stating:
“These committees oversee issues that are very important to Wyoming, like rural broadband, public lands, and financial innovation. Let’s get to work!”
Excited to serve on @BankingGOP, @SenateCommerce, and @EPWGOP! These committees oversee issues that are very important to Wyoming, like rural broadband, public lands, and financial innovation. Let’s get to work!
— Senator Cynthia Lummis (@SenLummis) February 4, 2021
Lummis joining the Banking Committee could prove to be a turning point for the digital currency industry in the United States. She has been a vocal digital currency enthusiast for some time now, advocating for positive regulations and adoption.
In a podcast interview in December 2020, Lummis said she believes U.S. should develop an alternative path in the face of mounting debts and inflation.
“I see the alternative half as bitcoin. […] In the case of U.S. currency, inflation is baked into the Federal Reserve’s plan for the U.S. dollar. So it’s no wonder that our buying power is eroded. That will not be the case with bitcoin,” she stated.
Lummis prides herself in being “the first U.S Senator to own digital currencies.”
The Senator has also advocated for enabling regulations for digital currencies. “Crypto regulations need to leave room for innovation. It’s going to take a lot of work to get to where we can have an open dialogue that is free from the clutter of seeing this knee-jerk reaction to the concern that all crypto is subject to criminal activity,” she stated in another recent interview.
Being in the Banking Committee, she will be in the best position to influence digital currency regulations.
SENATOR LUMMIS is now on the Senate Banking Committee.
You guys, a #bitcoiner is on Senate Banking!!
THIS IS HUGE!
Fingers had been crossed for this. It means a whole lotta good stuff.#Bitcoin
— Caitlin Long 🔑 (@CaitlinLong_) February 4, 2021
The Committee has in the recent past been charged with coming up with a framework to oversee the industry. It has held a number of hearings on topics such as a digital dollar and the feasibility of Facebook’s Diem stablecoin. It has also called on several experts as witnesses in such hearings including Paxos CEO Charles Cascarilla, former CFTC Chair Chris Giancarlo and Facebook executive David Marcus.
Senator Lummis has indicated she intends to launch the Financial Innovation Caucus to educate her fellow lawmakers on digital currencies.
“We hope to use it as a springboard to educate members of the U.S. Senate and their staff about Bitcoin specifically, but about other opportunities for cryptocurrency and financial innovation and blockchain.”
However, the Senator has bought into the misguided narrative that Bitcoin is a store of value. This narrative goes against Satoshi Nakamoto’s vision, as outlined in the Bitcoin whitepaper, that Bitcoin is peer-to-peer electronic cash. Senator Lummis has in the past advocated for people to ‘hodl’, insisting that she isn’t going to sell her digital currencies any time soon.
See also: Congressman Darren Soto’s keynote talk at CoinGeek Live, Balancing Innovation & Regulation for Growth of Blockchain Technology
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.