Senator Cynthia Lummis, a big supporter of crypto, is once again advocating for Bitcoin to be used as a reserve asset by the US government. She believes this would help strengthen the US dollar. Lummis has also spoken out against the creation of a US central bank digital currency (CBDC), arguing that it would be used for surveillance.
Bitcoin for a Stronger Dollar
Lummis has been a vocal advocate for Bitcoin, calling it a “good store of value.” She believes that using Bitcoin as a reserve asset would help boost the US dollar’s value.
She’s not alone in this view. Former President Donald Trump has also expressed similar sentiments, warning that not adopting Bitcoin could benefit Russia and China.
Protecting Bitcoin and Self-Custody
Lummis is pushing for a legal framework that protects self-custody Bitcoin wallets. She believes this, combined with Bitcoin as a reserve asset, could help the US dollar remain the dominant currency in the 21st century.
Calling for the SEC Chair’s Removal
Meanwhile, another crypto supporter, US Representative Tom Emmer, is calling for the removal of Gary Gensler as the chairman of the Securities and Exchange Commission (SEC). Emmer accuses the SEC of using “regulation-by-harassment” against the crypto industry.
He has criticized the SEC’s regulatory approach, calling it hostile and ineffective. Emmer believes the SEC’s actions are targeting the wrong people and not actually addressing bad actors in the crypto space.
The Crypto Market Recovers
Despite these ongoing debates, the crypto market is recovering from a recent slump. The total market capitalization is currently valued at $2.15 trillion, with a 1.87% increase in the last day.
