Senator Cynthia Lummis plans to restore the dollar’s dominance via Bitcoin integration.
Lummis plans to put a stop to the plans for a central bank digital currency.
The senator also supported self-custody Bitcoin wallets.
Senator Cynthia Lummis of Wyoming has unveiled her plans for integrating Bitcoin into the U.S. financial system and opposing central bank digital currencies (CBDCs).
In a Fox Business interview on July 12, Lummis, a long-time crypto advocate, emphasized her goal of restoring the dollar’s dominance in the digital age.
In the interview, Lummis, known as the Crypto Queen, revealed that there are plans to integrate Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, into the United States financial system and reinforce the US dollar’s dominance in the 21st century. The senator asserted that having Bitcoin in reserve “can help the US dollar remain strong.”
Further, she criticized retail CBDCs and warned that a digital dollar would erode Americans’ privacy, adding:
“No central bank digital currency – I’m so happy about that cause that’s a means of surveillance of the American people.”
Lummis also emphasized providing crypto investors and Bitcoin holders with clear protections for self-custody Bitcoin wallets. She explained that the goal is to “make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”
Meanwhile, Michael Saylor, the former CEO and Executive Chairman of MicroStrategy, the largest corporate holder of Bitcoin, expressed his support for Lummis’ idea of a Bitcoin-backed dollar on social media platform X (formerly known as Twitter).
Nothing is more American 🇺🇸 than privacy, property rights, and a dollar backed by #Bitcoin. pic.twitter.com/lCS44FT38i
— Michael Saylor⚡️ (@saylor) July 12, 2024
It is important to note that Lummis has always been a supporter of self-custody solutions for cryptocurrencies. In May, she condemned the US Department of Justice for charging crypto mixers Tornado Cash and Samourai Wallet for unlicensed money-transmitting. She pledged to fight for Americans’ rights to “hold your own keys and run your own node.
The post How Cynthia Lummis Plans to Integrate Bitcoin and Strengthen the US Dollar appeared first on Coin Edition.
