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United States Senator Cynthia Lummis (R-WY) asserts that holding Bitcoin in reserve could bolster the strength of the U.S. dollar.
In a television interview on July 12 with Fox Business, Senator Lummis promoted Bitcoin as a reserve currency.
“We know we want the US dollar to remain strong,” she remarked. “And actually having Bitcoin in reserve can help the US dollar remain strong.”
Senator Cynthia Lummis: “Having #Bitcoin in reserve can help the US dollar remain strong.”
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— Rhino Bitcoin App (@RhinoBTCapp) July 12, 2024
No to CBDC and Yes to Bitcoin Wallets
Lummis also recognized the significance of possessing independent cryptocurrency wallets while expressing her opposition to the introduction of a central bank digital currency (CBDC).
“No central bank digital currency – I’m so pleased about that because that’s a means of surveillance of the American people,” Lummis stated. “But we want to ensure that individuals can have personal wallets for their Bitcoin, so they maintain sovereignty over their own funds.”
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Senator Lummis Criticizes DOJ
Earlier, the Senator criticized the U.S. Department of Justice (DOJ) in May regarding its position on self-custody wallets, following charges against crypto mixers Tornado Cash and Samourai Wallet for operating without a license.
This comment followed the DOJ’s arrest of Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill on charges of money laundering and running an unlicensed money-transmitting business.
“I am deeply concerned by the Department of Justice’s overly aggressive assertion that non-custodial software can be classified as a money transmission service,” Lummis expressed. “This position contradicts existing Treasury guidance, common sense, and undermines the rule of law.”
“Arguments against self-custody software jeopardize the fundamental property rights that are essential to being an American. I will do everything in my power to advocate for your rights to hold your own keys and operate your own node,” Lummis stated.
Born in 1954, Cynthia Lummis previously served as a member of the U.S. House of Representatives from Wyoming’s at-large district and has been a senator since 2021. Lummis is well-known for her supportive stance on cryptocurrency.
The post US Sen. Cynthia Lummis: Bitcoin Reserve Can Keep Dollar Strong appeared first on Cryptonews.
