Popular cryptocurrency advocate and US Senator Cynthia Lummis has once again pushed for the adoption of Bitcoin as a reserve asset by the US government. Lummis’ latest show of support for Bitcoin adoption comes as the senator also opposed the creation of a central bank digital currency (CBDC) for the American people.
Bitcoin Reserve Can Help Strengthen Dollar, Says Lummis
In a interview with Fox TV Station on FridayLummis reiterated her support for using Bitcoin as a reserve asset to support the value of the US dollar. The Wyoming senator stated that implementing this strategy could help increase the value of the US dollar, as she previously described the asset as a “good store of value.”
Notably, political statements supporting the inclusion of BTC as a US reserve asset have continued to grow in recent times. Recently, Bitcoinist reported that former President and current Republican presidential candidate Donald Trump has made similar statements, warning that any action to the contrary would likely benefit global rivals Russia and China.
Bitcoin and digital assets are the future. Here is my agenda:
✅ No central bank digital currency
✅Clear protection for self-custody Bitcoin wallets
✅Restore dollar dominance for the 21st century photo.twitter.com/yEy9tcxU5b— Senator Cynthia Lummis (@SenLummis) July 12, 2024
In addition to her strong endorsement of Bitcoin on Fox TV, Lummis also condemned the idea of a digital currency from the US central bank, believing it would be abused as a tool to spy on American citizens. Lummis has previously called for the creation of a legal framework that ensures the integrity and protection of self-custody Bitcoin wallets. The senator believes that these measures, combined with the strategic use of Bitcoin as a reserve asset, can revive and sustain the dominance of the US dollar in the 21st century.
US Congressman calls for SEC Chairman’s resignation
In other news, another popular crypto advocate and US Congressman Tom Emmer has once again called for the resignation of Gary Gensler as chairman of the US Securities and Exchange Commission. In a X-message On Friday, Tom Emmer, who is also the leader of the US House of Representatives, accused the SEC of conducting a regulatory operation that harasses people.
I want to report the SEC chairman for regulation by intimidation. #FireGaryGensler https://t.co/oMyDIEU3o1
— Tom Emmer (@GOPMajorityWhip) July 12, 2024
Emmer and other crypto enthusiasts have consistently criticized the SEC’s regulatory approach to the digital asset industry, often describing it as hostile. In particular, in 2023, the US Congressman closed down Gary Gensler, citing the SEC’s consistent enforcement actions, painted it as a “bad faith regulator,” especially since these repressive measures had no effect on actual bad actors in the crypto community.
At the time of writing, the crypto ecosystem continues to recover from the previous general price drop in July. According to data from CoinMarketCapThe total market cap of cryptocurrencies currently stands at $2.15, up 1.87% over the past day.
Main image from The New York Times, chart from Tradingview