Cynthia Lummis claims that the US dollar will be stabilized in the face of geopolitical tensions by retaining Bitcoin in government reserves.
In a recent interview, US Senator Cynthia Lummis discussed the potential of Bitcoin to stabilize the US dollar and prevent its imminent collapse. She is of the opinion that the inclusion of Bitcoin in the government’s reserves could be beneficial in maintaining the strength of the dollar, particularly in light of the efforts of other nations to undermine it. Lummis stated: “Having Bitcoin in reserve can contribute to the continued strength of the US dollar.”
Cynthia is a well-known advocate for Bitcoin. Following the interview, she issued a Twitter message that delineated her objectives.
This entails the rejection of retail Central Bank Digital Currencies (CBDCs), the backing of self-custody Bitcoin wallet protections, and the restoration of the dollar’s dominance.
The politician expressed her satisfaction with the Federal Reserve’s decision not to pursue a CBDC. In her opinion, these digital currencies could be employed by the government to monitor citizens, and financial freedom is a fundamental right for all.
“We are committed to ensuring that individuals have the ability to maintain control over their own money by providing them with individual Bitcoin purses.”
For years, Cynthia has advocated for policies that safeguard the financial independence of individuals. She has lobbied for the SEC to establish explicit regulations, as it continues to pursue cryptocurrency with all its might.
In the interim, the Commodity Futures Trading Commission (CFTC) recently classified Bitcoin and Ethereum as digital commodities.
A court in Illinois affirmed this classification, and CFTC Chairman Rostin Behnam stated that 70-80% of assets in the crypto market are non-securities.
This contradicts the assertion of SEC Chair Gary Gensler that the majority of cryptocurrencies are securities. Behnam informed the Senate that blockchain is a distinctive technology that requires fresh approaches to operational resilience and cybersecurity.
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