Cynthia Lummis, a pro-Bitcoin senator, has been appointed to the State Senate Banking Committee. He reportedly spoke with current US Treasury Secretary Janet Yellen about his talks and plans to help him and other lawmakers understand bitcoin’s special value-saving capabilities. Lumis says that while worried about the misuse of digital currencies to finance illegal activities, Yellen has a gaming mentality about these emerging assets.
To Report Last week, Sinita Lumis was formally appointed to the Senate Banking, Housing and Urban Affairs Committee. The committee has broad legislative powers in areas such as banking, federal monetary policy, foreign exchange, and financial assistance to industry and commerce. On January 3, Lumis was sworn in as the first woman senator elected from Wyoming. He previously served as the state treasurer.
In an interview with Anthony Pompliano, CEO of Morgan Creek Digital, last week, Lumis reiterated his earlier statements in support of Bitcoin.
I really see bitcoin as a valuable expression of value storage that individuals, companies and governments can benefit from. Undoubtedly, Bitcoin is a valuable asset for storing value, and everyone should dedicate part of their investment portfolio to it.
As it turns out, Lumis wants to pass on what he has learned about bitcoin to other members of Congress. He had previously said that a Senate Financial Innovation Forum had been set up to discuss bitcoin in the future.
Lumis is looking for an opportunity to work with the US Treasury Department to familiarize government officials with Bitcoin as much as possible. He says:
I spoke to Janet Yellen over the phone before the hearing to win the Senate vote of confidence in the Treasury Department.
The realm of digital currencies is one that I think Yellen has a clear mindset and play on. His concerns are mostly about the use of digital currencies in illegal and criminal transactions, most of which are resolved with the help of financial technologies.
“Lumis goes on to say:
However, achieving a unified and transparent discourse on digital currencies requires more effort; In particular, we are witnessing a flurry of reactions to allegations that all digital currencies are highly vulnerable to criminal abuse.
Lumis goes on to cite research findings by the Chainalysis Institute, which show that only 0.34 percent of digital currency transactions last year were related to criminal activity.
Earlier in the day, Yellen said in a vote of confidence in the US Senate that digital currencies are mainly used to finance illegal activities. He went on to elaborate on his views on the issue, promising that effective regulatory frameworks would be put in place in the field of digital currencies.