Senator Cynthia Lummis, who represents the state of Wyoming, has presented herself as a Bitcoin proponent for a considerable amount of time. She claims to have purchased Bitcoin since 2014 when it was only $350. At present, the Bitcoin price is set around the $40k mark. Speaking to the director of Orrin G. Hatch Foundation, she claimed that Fed should get Bitcoin.
She was talking to the executive director of Hatch Foundation named Matt Sangren. She highlighted that since the Bitcoin market cap currently sits above $740 billion, it is a good consideration for Federal Reserve to add it to the national holdings.
Talking about the cryptocurrency industry, Lummis revealed that she learned about trading Bitcoin from her Son-in-law. She further explained that some other cryptocurrencies have allowed her to generate short-term income while her impression of Bitcoin is better than digital gold. She further explained the fact that Bitcoin has a 21 million limited supply.
And considering that Bitcoin is 100% decentralized currency means that the token will be virtually present in every part of the world eventually. With these indicators, she made a case for Fed to take an interest in Bitcoin. It is worth mentioning that Federal Reserve former VC Randal Quarles was also present at Hatch Foundation during Lummis’s address, but he disagrees with the notion that Central Bank will consider that option presently.
Senator Cynthia Lummis recently presented a new bill that deals with the subject of cryptocurrency regulations. The bill plans to treat Bitcoin under a Self-Regulated Organization or SRO that will determine if the flagship crypto is a stock or a trade commodity.
The bill also grants the SEC and CFTC the power to overrule the judgment of the SRO if they disagree and issue a new regulatory framework for the top coin as they deem fit. She further explained that she is working with the senators in the opposing party to find out which legislators are interested in sponsoring the smaller components of the bill like consumer protection, banking, and privacy laws, among others.