Popular cryptocurrency advocate and US Senator Cynthia Lummis has once again pushed for the adoption of Bitcoin as a reserve asset by the US government. Lummis’ latest show of support for Bitcoin adoption came as the senator also kicked against the creation of a central bank digital currency (CBDC) for the American people.
Bitcoin Reserve Can Help Strengthen The Dollar, Lummis Says
In an interview with Fox TV Station on Friday, Lummis reiterated her endorsement for the use of Bitcoin as a reserve asset to back the value of the US dollar. The senator from Wyoming stated the adoption of this strategy could help boost the value of the US dollar, as she has previously described the asset as a “good store of value.”
Notably, political statements supporting the integration of BTC as a US reserve asset have continued to grow in recent times. Recently, Bitcoinist reported that former President and current Republican presidential candidate Donald Trump has also expressed similar statements, warning an opposite action could likely benefit global rivals 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
In addition to strong approval of Bitcoin on Fox TV, Lummis also condemned the idea of a US central bank digital currency which she believes will be exploited as a means of surveillance on American citizens. Rather, Lummis has called for the creation of a legal framework that guarantees the integrity and protection of self-custody Bitcoin wallets. The senator believes that these measures combined with the strategic use of Bitcoin as a reserve asset could revive and sustain US dollar dominance for the 21st century.
US Congressman Calls For Sack Of SEC Chair
In other news, another popular crypto advocate and US Representative Tom Emmer has once again demanded the discharge of Gary Gensler as chairman of the US Securities and Exchange Commission. In an X post on Friday, Tom Emmer who also serves as the Majority Whip of the US House of Representatives accused the SEC of running a regulation-by-harassment operation.
I’d like to report the SEC Chair for regulation-by-harassment. #FireGaryGensler https://t.co/oMyDIEU3o1
— Tom Emmer (@GOPMajorityWhip) July 12, 2024
Emmer, among other crypto enthusiasts, has continuously criticized the SEC regulatory approach towards the digital asset industry which is often described as hostile. Notably in 2023, the US Congressman slammed Gary Gensler, stating the consistent enforcement actions by the SEC depicted him as a “bad-faith regulator” especially as these crackdowns did not affect the actual bad actors in the crypto community.
At the time of writing, the crypto ecosystem continues to recover from the earlier general price slump in July. According to data from CoinMarketCap, the total crypto market cap is currently valued at $2.15 with a 1.87% increase in the last day.
Featured image from The New York Times, chart from Tradingview