- Senator Cynthia Lummis plans to revive greenback dominance via bitcoin integration.
- Lummis plans to cease the central financial institution's digital forex plans.
- The senator additionally supported self-managed bitcoin wallets.
Senator Cynthia Lummis of Wyoming has unveiled her plans to combine Bitcoin into the US monetary system and battle towards central financial institution digital currencies (CBDCs).
In an interview with Fox Enterprise on July 12, Lummis, a longtime cryptocurrency advocate, emphasised her purpose of restoring the greenback's dominance within the digital age.
Within the interview, Lummis, often known as the Crypto Queen, revealed that there are plans to combine Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, into the US monetary system and strengthen the dominance of the US greenback within the twenty first century. The senator argued that having bitcoin in reserve “may help the US greenback keep robust.”
She additional criticized retail CBDCs and warned that the digital greenback would infringe on People' privateness, including:
“No central financial institution digital forex – I'm so comfortable this can be a strategy to monitor the American folks.”
Lummis additionally emphasised that it offers crypto traders and bitcoin holders with clear protections for self-managed bitcoin wallets. She defined that the purpose is to “guarantee that folks can have particular person wallets for his or her bitcoins in order that they’ve sovereignty over their very own cash.”
In the meantime, Michael Saylor, former CEO and govt chairman of MicroStrategy, the biggest company holder of bitcoin, voiced his help for Lummis' thought of a bitcoin-backed greenback on social media platform X (previously often known as Twitter).
You will need to be aware that Lummis has at all times been a proponent of self-management options for cryptocurrencies. In Might, it condemned the US Division of Justice for charging crypto mixers Twister Money and Samourai Pockets for unlicensed cash transfers. She promised to battle for the rights of People to “maintain their very own keys and run their very own node.”
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