Senator Cynthia Lummis Says Bitcoin Could Save The US Dollar

• Cynthia Lummis says holding Bitcoin in government reserves will ground the US dollar against geopolitical tensions.
• Lummis opposes CBDCs and advocates for self-custody of Bitcoin to ensure financial freedom and sovereignty for Americans.
• The CFTC classified Bitcoin and Ethereum as commodities that desperately need clear regulatory frameworks to protect investors.

US Senator Cynthia Lummis recently spoke in an interview about how Bitcoin could help the US dollar and stop it from crashing. She believes that having Bitcoin in the government’s reserves could help keep the dollar strong, especially as other countries try to weaken it. Lummis said:

“Having Bitcoin in reserve can help the US dollar remain strong.”

Cynthia is a known supporter of Bitcoin. After the interview, she went on Twitter to outline her agenda.

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

This includes rejecting retail Central Bank Digital Currencies (CBDCs), supporting protections for self-custody Bitcoin wallets, and restoring the dollar’s dominance.

The politician said she was pleased with the Federal Reserve’s decision not to pursue a CBDC. She thinks these digital currencies could be used for government surveillance on citizens, and financial freedom is everyone’s right. 

“We want to make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”

Cynthia has been pushing for policies that protect individual financial freedom for years. She has advocated for clear regulations from the SEC, which continues to come after crypto for all its got.

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 that 70-80% of assets in the crypto market are non-securities. 

This goes against SEC Chair Gary Gensler’s claim that most cryptocurrencies are securities. Behnam told the Senate that blockchain is a unique technology that needs new approaches to cybersecurity and operational resilience. 

He revealed that nearly half of the cases on the CFTC enforcement docket involve crypto. The lack of proper jurisdiction and funding to regulate the crypto market effectively in its largest market is a big concern. 

Congressman Cory Booker criticized Congress for not acting quickly enough. He pointed out that the SEC and CFTC are left to manage the growing crypto market on their own. Booker called for swift action to protect investors from financial abuse.