One of the most vocal enthusiasts of digital currency, Cynthia Lummis, has been appointed to the Senate Banking Committee. Senator Cynthia Lummis of Wyoming will join the all-powerful committee tasked with formulating rules, including digital currencies, for the financial services industry. Senator Lummis’ team announced that she had secured her committee assignments for the 117th Congress.
She has become a well-known commentator on Bitcoin and other cryptocurrencies and has said she is trying to inform other members of the Senate and officials on their merits. Now, she is on the Banking Committee of the Senate, too.
Wyoming’s freshman Republican will take her place on three committees: banking, climate, and trade. The Banking Committee is the front line for financial regulation in the Senate and has held hearings with the leadership of Facebook over the Libra stablecoin, as well as, more recently, digital dollar prospects.
Start of An Era of Digital Asset Innovation
In a press release, Lummis noted her plan to use the banking committee appointment to advance legislation on digital assets. Lummis made clear in announcing the appointment that she intends to drive digital asset regulations forward.
As a better store of value for customers, particularly as a hedge against the dollar, she also touted bitcoin. The first sitting Senator confirmed to possess the asset is Lummis herself.
In order to build more room for innovation in the U.S., according to Lummis, the proposed caucus will aim to address the claim that cryptocurrencies are primarily a money-laundering method. She explicitly listed stablecoins as one such innovation area, referring to both the Diem Facebook-backed stablecoin project and the interest of the Federal Reserve in a potential digital currency of the central bank (CBDC). The caucus plans to meet with the Fed for that reason.
On behalf of digital asset innovation, Lummis has already begun to consult with regulators. She told The Pomp Podcast that she had already had a phone conversation with Treasury Secretary Janet Yellen, saying she sensed that when it comes to digital assets, the Treasury Secretary has an open mind with healthy skepticism. In her written testimony for her Senate nomination, Yellen made similar remarks.
A Step Forward for The Entire Crypto Industry
It goes without saying that becoming a senator for Lummis was a step forward for the entire cryptocurrency industry and it is also undeniably favorable for her to become a member of the Senate Banking Committee.
Since 2013, Lummis has owned Bitcoin and believes in the importance of the cryptocurrency mining, due to the scarcity of power and the opportunity to address financial system manipulations.
“Now I’m a hodler and I’m a hodler because I want to retain the relative value of my labor over time, like gold. With its decentralized public ledger and a set supply, I was struck by how revolutionary bitcoin is,” Lummis said.
Regulators and corporations continue to gain more acceptance from Bitcoin. Yellen changed her opinion on bitcoin, however acknowledged that cryptocurrencies are used mostly for illegal funding. “Effective” crypto-currency regulation was promised by the Treasury Secretary.
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