Senator Lummis speaks in support Bitcoin
2022.12.13 00:37
Senator Lummis speaks in support Bitcoin
Budrigannews.com – Despite calls from her peers to the contrary, pro-crypto United States senator Cynthia Lummis has remained steadfast in her support for Bitcoin (BTC) as part of diversified retirement plans.
Lummis and Senator Kirsten Gillibrand appear to be the only openly crypto-friendly politicians in the United States. Together, they have notably advocated for progressive crypto regulation.
On December 12, Lummis stated in an interview with the online news outlet Semafor that the crypto winter had not dampened her enthusiasm for BTC and that she would still like to see the asset included in 401(k) retirement plans in the United States:
“I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies.”
Everything else, however, she was unsure of, suggesting that “the jury’s still out on other cryptocurrencies.”
Lummis stated, “I personally believe that Bitcoin will go up because there are only going to be 21 million Bitcoin that are mined,” adding that it is “a personal belief, just based on its scarcity.”
She has taken a slightly different stance on retirement plans than she did in June 2021, as evidenced by these remarks.
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She had supported the inclusion of other specific cryptocurrencies at the time; however, it appears that crypto winter and the most recent FTX mess may have slightly shifted her opinions.
She added, “I’d also like to see people be able to use Bitcoin and cryptocurrencies of their choice that are safe and have met the hurdles of the Bank Secrecy Act and anti-money laundering.”
Instead, senators like Elizabeth Warren, Tina Smith, and Richard Durbin have used the recent market turmoil to reaffirm their calls for Fidelity Investments to end its BTC-linked 401(k) retirement product elsewhere on Capitol Hill.
The three senators wrote to Fidelity CEO Abigail Johnson on November 21 that the FTX mess was a major reason to stop offering BTC exposure in retirement plans.
Jonah Allon, Adams’ press secretary, stated, “As with all financial products, price fluctuations are an expected feature of the market. It is shortsighted to believe that setbacks in an industry are an indication that it will not experience long-term growth.”
Recently, other senators have been criticizing cryptocurrency, with Senator Jon Tester stating earlier this week that he sees “no reason why” cryptocurrency should even exist. whereas senator Warren declared with fervor that “finally, more people are blowing the bullshit whistle.”
