Senator to launch Financial Innovation Caucus to educate lawmakers on crypto


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Sen. Cynthia Lummis, a long-time proponent of Bitcoin (BTC) possession, has revealed plans to launch a Monetary Innovation Caucus to teach her fellow senators on cryptocurrency and digital belongings.

Showing on Anthony Pompliano’s podcast on Feb. 2, Lummis announced her intention to determine the caucus, stating:

“We hope to make use of it as a springboard to teach members of the U.S. Senate and their workers about Bitcoin particularly, however about different alternatives for cryptocurrency and monetary innovation and blockchain.”

Lummis said the caucus will first work to battle the false narrative about digital belongings and crypto getting used for cash laundering, noting that research from blockchain forensics firm Chainalysis signifies “cryptocurrency-related crime is smaller than legal exercise with money.”

Lummis famous she just lately spoke with Treasury Secretary Janet Yellen, whose current feedback concerning using crypto in illicit financing caused concerns regarding an incoming regulatory crackdown to reverberate throughout the cryptosphere.

Lummis sought to quell the crypto group’s considerations about Yellen, describing the treasury secretary as having “an open thoughts” about crypto. Nonetheless, the senator said: “It’s going to take a whole lot of work to get to the place we are able to have an open dialogue that’s free from the litter of seeing this knee-jerk response to the priority that each one crypto is topic to legal exercise.”

“Crypto rules want to depart room for innovation.”

Sen. Lummis purchased Bitcoin during 2013 and 2014 and has since touted it utility as a retailer of worth. She likened Bitcoin to the everlasting mineral belief fund that she oversaw whereas working as Wyoming’s state treasurer throughout the 2000s.

“I used to be state treasurer in Wyoming throughout the first a part of the twenty first century, so I used to be all the time searching for a retailer of worth.,” she stated. “We have now in Wyoming everlasting funds which are primarily based on extracting minerals and oil and fuel from the bottom. We take a severance tax […] from minerals and make investments it in a everlasting fund.”

“The idea of that everlasting mineral belief fund is that when the minerals are gone we are going to nonetheless have income left over as a result of we invested the proceeds and continued to take a position them in a diversified asset allocation. […] Bitcoin jogged my memory of our everlasting mineral fund.”

“There’ll solely be 21 million Bitcoin mined, and since it’s a finite useful resource, I see it as an excellent retailer of worth,” Lummis concluded.