US Senator Cynthia Lummis advocates for Bitcoin as a reserve asset for the US government while opposing the idea of a central bank digital currency (CBDC) for the nation.
Enhancing the Dollar with Bitcoin
In a recent interview, Lummis emphasized the importance of using Bitcoin as a reserve asset to strengthen the US dollar. She believes this move could elevate the value of the dollar, citing Bitcoin as a reliable store of value. This sentiment aligns with a growing trend of political figures endorsing BTC as a US reserve asset, with even former President Donald Trump echoing similar support, warning against potential advantages to global rivals like Russia and China.
Bitcoin and digital assets are the future. Here’s my agenda: No retail Central Bank Digital Currencies, Clear protections for self-custody Bitcoin wallets, Restore Dollar Dominance for the 21st Century pic.twitter.com/yEy9tcxU5b
— Senator Cynthia Lummis (@SenLummis) July 12, 2024
Lummis also expressed concerns regarding the potential surveillance implications of a US central bank digital currency, advocating instead for a regulatory framework to ensure the security of self-custody Bitcoin wallets. She believes that by combining these measures with Bitcoin’s strategic use as a reserve asset, the US dollar’s dominance can be sustained into the 21st century.
Calls to Remove SEC Chair by US Congressman
US Representative Tom Emmer has renewed his call for the removal of Gary Gensler as the chairman of the US Securities and Exchange Commission. Emmer, also the Majority Whip of the US House of Representatives, accused the SEC of conducting what he termed a “regulation-by-harassment” operation.
I’d like to report the SEC Chair for regulation-by-harassment. #FireGaryGensler
— Tom Emmer (@GOPMajorityWhip) July 12, 2024
Emmer, alongside other crypto proponents, criticized the SEC’s hostile regulatory approach towards the digital asset industry. He lambasted Gensler for enforcement actions that, in his view, targeted legitimate actors rather than addressing real issues within the crypto space.
As the cryptocurrency market recovers from a recent downturn, the total crypto market cap currently stands at $2.15 trillion with a 1.87% daily increase according to data from CoinMarketCap.
