Pro-Bitcoin US Lawmaker Cynthia Lummis Joins Senate Banking Committee, Plans to Convince Janet Yellen BTC Is Great Store of Value – Regulation Bitcoin News

Pro-Bitcoin US Senator Cynthia Lummis was appointed to the Senate Banking Committee. She spoke to Janet Yellen and outlined her plans to help the new Treasury Secretary and other U.S. lawmakers understand that Bitcoin is a great store of value. According to Lummis, Yellen is open to this issue, although she currently believes that cryptocurrencies are mainly used for illegal funding.

Senator Lummis plans to convince Congress and Janet Yellen of the benefits of Bitcoin

US Senator Cynthia Lummis was named to the Committee on Banking, Housing and Urban Affairs last week. The committee is responsible for a number of matters including banking, banking, federal monetary policy, currency, and financial assistance to trade and industry. Lummis was sworn in in the U.S. Senate on January 3 and became the first woman to serve as a U.S. Senator from the state of Wyoming. She was previously Treasurer of Wyoming.

In an interview with Morgan Creek Digital Partner Anthony Pompliano last week, the Senator reiterated her opinion on Bitcoin, stating:

I really see it as a great store of value for individuals, businesses, and the government. It’s an excellent store of value and should be part of every single person’s investment portfolio.

She has plans to educate other members of Congress about Bitcoin. “A new caucus for financial innovation” has been formed in the Senate, which will also discuss Bitcoin, Lummis revealed.

The pro-bitcoin senator is also excited to work with the finance department to help them understand bitcoin. “I recently phoned Janet Yellen, the new Treasury Secretary, prior to her confirmation hearing,” said Lummis, adding:

This is one area where I think it is open. She shares some of the same concerns as most in financial technology. There are concerns about the criminal or nefarious use of cryptocurrencies.

“So it is going to take a lot of work to get to an open dialogue that is free from the clutter of seeing this jerky response to concerns that all crypto is highly exposed to criminal activity,” Lummis said, quoting the results of blockchain analytics firm Chainalysis, according to which only 0.34% of all cryptocurrency transactions in the last year were related to criminal activity.

Yellen said during her verification hearing that cryptocurrencies are mainly used for illegal funding. She then made further comments on the matter and promised an “effective” regulation of the cryptocurrency.

Do you think Senator Lummis will be able to convince Janet Yellen that Bitcoin is an excellent store of value? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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