Senator Cynthia Lummis recently spoke in an interview about how Bitcoin could “save” the US dollar from collapse. She believes that having Bitcoin in government reserves could help the dollar remain strong, especially as other countries try to weaken it.
“Bitcoin reserves can help the US dollar maintain strength,” claims Cynthia, a prominent Bitcoin advocate.
She outlined her agenda on la.
Source: Cynthia Lummis
The politician said she was satisfied with the Federal Reserve's (Fed) decision not to pursue CBDCs, arguing that these digital currencies could be used for government surveillance of citizens and freedom Finance is everyone's right.
“We want to ensure that people can own their own cryptocurrency wallets to have autonomy over their money.”
Cynthia has promoted policies that protect personal financial freedom for many years. She has advocated for clear regulations from the SEC, which continues to pursue cryptocurrencies at all costs.
Meanwhile, Bitcoin and Ethereum were recently classified as digital commodities by the Commodity Futures Trading Commission (CFTC). This classification was confirmed by an Illinois court, and CFTC Chairman Rostin Behnam said 70-80% of assets in the cryptocurrency market are not securities.
This contradicts SEC Chairman Gary Gensler's claim that most cryptocurrencies are securities. Behnam told the Senate that blockchain is a unique technology that requires new approaches to cybersecurity and operational resilience.
He revealed that nearly half of the cases in the CFTC's enforcement docket involved cryptocurrencies. The lack of appropriate authority and financial resources to effectively regulate the cryptocurrency market in its largest market is a major concern.
Congressman Cory Booker criticized Congress for not acting quickly enough. He pointed out that the SEC and CFTC must regulate the growing cryptocurrency market themselves. Booker called for swift action to protect investors from financial abuse.
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