US Senator Cynthia Lummis of Wyoming says the adoption of cryptocurrencies is being driven primarily by one thing.
Senator Lummis says that a loose fiscal policy is working in favor of cryptocurrencies such as Bitcoin and is an “undesirable way” to popularize the asset class.
“Big [government] spenders are (accidentally) doing far more to accelerate the adoption of digital assets than I am. The debasement of our currency is causing a flight to digital assets like bitcoin that are a store of value.”
But spending America deeper into a hole is a stupid, inflationary & altogether undesirable way to drive [people] to digital assets. I want USD to continue as the reserve currency. We need to reign in spending & support financial innovation on US soil to protect the status of [America].”
In a Fox Business interview, Lummis says she prefers a regulatory environment for cryptocurrencies that doesn’t hinder innovation.
“I want to see the end result be a regulatory sandbox where everyone understands the rules but innovation can still occur unrestricted.”
The Wyoming senator says that such a regulatory environment would help Bitcoin continue serving its use cases without facilitating criminal acts and behavior.
”We want to make sure that Bitcoin can continue to serve as a good store of value. And if it is to become like El Salvador has done, legal tender, then we need to make sure that we are using it in ways that comply with the Bank Secrecy Act and anti-money laundering laws. We want to make sure it is used legitimately and that it can be ferreted out when it’s used nefariously.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/spainter_vfx/OSTILL is Franck Camhi