Sen. Cynthia Lummis reiterated her agenda on Bitcoin on Friday, mocking the merits of central bank digital currencies (CBDCs) in an interview with Fox Business host Larry Kudlow.
In a recent interview with Fox Business on Friday, July 13, Lummis emphasized the potential benefits of Bitcoin reserves in strengthening the global power of the US dollar. The Wyoming senator, who has been called the “crypto queen” in Congress, has expressed concerns about central bank digital currencies, describing them as a “monster” due to their ability to monitor the government.
“There is no central bank digital currency — I’m very happy about that because that’s a way to monitor the American people,” Loomis told Kudlow. “But we want to make sure that people can have individual wallets for their own bitcoin, so they can control their own money.”
Lummis, a Republican, is also outspoken. critic The US Department of Justice charges companies like Tornado Cash with unlicensed money transfers.
Tornado Cash founders charged clothes washing Over $1 billion in criminal proceeds.
In a social media post on Friday on X, Loomis laid out her main goals, including opposing retail CBDCs, protecting self-managed bitcoin wallets, and securing the dollar’s supremacy in the 21st century. Her pro-bitcoin stance stands in stark contrast to the current opaque regulatory environment that has drawn criticism from crypto industry leaders.
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The Right to Mine Bitcoin
Loomis also praised former President Donald Trump’s promise to mine Bitcoin in the United States. It is worth noting that the United States is already one of the leading countries in Bitcoin mining activities. About 94% of Bitcoin has already been mined.
Like Loomis, Trump has also expressed his opposition to central bank digital currencies.
Earlier this year, Charged with four crimes The front-runner for the 2024 Republican presidential nomination has called central bank digital currencies “very dangerous.” He has claimed that they could lead to sudden, unexplained withdrawals from people’s bank accounts, though the basis for this assertion remains unclear.
Trump’s views on cryptocurrencies have been mixed; in 2019, he criticized Bitcoin and other cryptocurrencies for their volatility and potential to facilitate “drug trafficking and other illegal activities.” Today, Trump, who was recently found in prison, has found that these cryptocurrencies cannot be safe. sinner Forging business records – managing a cryptocurrency wallet and selling non-fungible tokens (NFTs) containing modified images of himself.
Why Trump and Lummis might be wrong
according to CoinbaseProponents of central bank digital currencies claim that these digital currencies could speed up transactions, provide financial services to the unbanked, and enhance payment security by ensuring that transactions are completed and immutable, thus reducing fraud.
Central bank digital currencies are a digital form of a country’s fiat currency, issued by the state and not tied to a physical commodity.
Several central banks, including the US Federal Reserve, the Bank of Japan, the People’s Bank of China, and the German Bundesbank, are considering issuing central bank digital currencies.
The growing interest in CBDCs is driven by multiple trends: the declining use of cash, the growing interest in privately issued digital assets, the perceived need for central banks to innovate in payments, and the rise of global payment systems.
Loomis’s advocacy for Bitcoin and skepticism toward central bank digital currencies reflect broader discussions about the future of digital currencies and their impact on the financial system.