Cynthia Lummis, the Bitcoin community’s favorite senator, has been appointed to serve on the Senate Banking, Housing & Urban Affairs and Senate Commerce, as announced by the senator herself in a tweet yesterday.
Lummis: Regulation Should Cause More Innovation and Less Obstruction
Lummis appears to be ready to share her knowledge of digital assets with her peers.
“Through my role on the Banking Committee, I hope to shine a light on many of these pioneering efforts and work with federal regulators to ensure that regulation of digital assets are structured to encourage innovation, instead of stifling it.”
The senator also added that she will aid in providing proper regulation to promote “vibrant, safe financial markets.”
Being the first incumbent senator to hold Bitcoin, it’s no secret that Lummis is one of the most crypto-friendly officials in the Senate. In fact, last year, she had acknowledged Bitcoin as a store of value in Good Morning America. Furthermore, the senator has also spoken in favor of other digital currencies as of late.
Educating the Government Is Key
In a podcast interview with Anthony Pompliano, she expressed her desire to educate other members of the Senate about digital currencies while seeking the help of listeners:
“We’re forming a financial innovations caucus in the Senate. We hope to use it as a springboard to educate members of the U.S. Senate and their staff about Bitcoin specifically, other opportunities in cryptocurrencies, financial innovation, and blockchain.”
This time, she further emphasized Bitcoin’s superiority as a store of value for consumers, namely as a hedge against the US dollar.
In a separate interview with Peter McCormack last December 2020, Lummis had pointed out that the US government officials at large fear crypto mainly because of their lack of understanding. And with her new efforts, this might actually change.
Lummis had stated that the forthcoming caucus aims to counter the narrative that crypto-assets are mostly used for money laundering, which would foster a more innovative environment for the industry. She also talked about stablecoins as an area ripe for innovation, citing Facebook’s Diem and the Federal Reserve’s plans for a CBDC.
The senator has already begun speaking with regulators about digital assets, including Treasury secretary and Bitcoin skeptic Janet Yellen.