She provided more support for her position by reiterating the fact that she is confident that BTC need to be a component of a diversified retirement plan in a recent interview with the online media source Semafor. The position taken by Senator Lummis stands in stark contrast to that of many of her colleagues in the Senate, who have repeatedly asserted that cryptocurrencies do not have any practical applications.
One of the few politicians in the United States who is on board with cryptocurrency is Cynthia. Together with Senator Kirsten Gillibrand, she has been a proponent of stringent restrictions for the cryptocurrency business.
ALSO READ:
The EU's crypto tax will be global.
Soulbound Tokens for Web3 Exploration from Japan's Financial Group
Charles Hoskinson says Cardano will get smart contracts.
During the course of the conversation, Senator Cynthia said that the crypto winter had no impact on her former attitude about BTC or her determination to maintain it. She expressed her desire that the digital asset be included in the 401(k) retirement plan that is offered in the United States.
She added that she always has a feeling of peace knowing that individuals can have the opportunity to add BTC to their retirement accounts, which she mentioned was something that she had mentioned earlier. The Senator claims that the coin cannot be compared to any other type of cryptocurrency.
In addition, Cynthia stated that the reason she has such a strong belief in Bitcoin is due to the fact that there is a limited quantity of Bitcoin, as there are only 21 million Bitcoin in circulation. As a result, she is of the opinion that the value of BTC will continually go up.
Nevertheless, Lummis made it clear that the opinion that BTC's value will climb owing to its limited supply is her own personal belief. Despite this, the Senator's most recent remark contradicts what she previously stated regarding her intentions for retirement in 2021.
The Senator has previously mentioned that she believed any and all cryptocurrencies might be incorporated into a retirement portfolio strategy. But in light of recent events, such as the closure of the FTX cryptocurrency exchange and the continued bearish trend in the market for cryptocurrencies, Lummis has modified her position, if only marginally.
Position of Lummis on Bitcoin and the Cryptocurrency Market
The Senator went on to say that she supports people using Bitcoin and other cryptocurrencies of their choosing, so long as the cryptocurrencies are safe and conform with the Bank Secrecy Act and other regulations regarding the prevention of money laundering.
In a separate conversation with cryptocurrency journalist Natalie Brunell, Senator Lummis discussed her thoughts on the trajectory of Bitcoin and the regulations around cryptocurrencies. She claims that she and other senators who share her views are currently working on legislation that is appropriate for crypto.
After praising digital assets, the Republican Senator went on to discuss the macroeconomic repercussions of widespread cryptocurrency use and the regulatory problems facing the cryptocurrency business. During our conversation regarding the future of the cryptocurrency market, Lummis shared her opinion that she believes it would be extremely prudent for the Federal Reserve to buy Bitcoin given that the Fed has more than $40 billion in money reserves.
