Once again, prominent cryptocurrency advocate and US Senator Cynthia Lummis has called for Bitcoin to be adopted as a reserve asset by the US government. Lummis’ latest show of support for Bitcoin adoption comes as the senator has also opposed the creation of a central bank digital currency (CBDC) for the American people.
Bitcoin Reserves Could Help Boost Dollar, Loomis Says
in Interview with Fox TV on FridayLummis reiterated her support for using Bitcoin as a reserve asset to support the value of the US dollar. The Wyoming senator said that adopting such a strategy would help boost the value of the US dollar, having previously described the asset as a “good store of value.”
It is worth noting that political statements in support of incorporating Bitcoin 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 also made similar statements, warning that any counter-action would likely benefit global competitors Russia and China.
Bitcoin and digital assets are the future. Here is my agenda:
✅ There are no central bank digital currencies for retail sale
✅Clear protection for self-custody Bitcoin wallets
✅Restoring the Dollar’s Dominance in the 21st Century pic.twitter.com/yEy9tcxU5b– Senator Cynthia Lummis July 12, 2024
In addition to her strong endorsement of Bitcoin on Fox TV, Loomis also condemned the idea of a central bank digital currency, which she believes would be used as a means of monitoring American citizens. Instead, Loomis called for the creation of a legal framework that would ensure the safety and security of self-custodial Bitcoin wallets. The senator believes that these measures, combined with the strategic use of Bitcoin as a reserve asset, could revive and support the dominance of the US dollar in the 21st century.
US Congressman Calls for SEC Chairman’s Removal
In other news, prominent cryptocurrency advocate and US Congressman Tom Emmer has once again called for Gary Gensler to be removed from his position as Chairman of the US Securities and Exchange Commission. in X Post On Friday, Tom Emmer, who is also the majority leader of the U.S. House of Representatives, accused the SEC of conducting regulation by harassment.
I would like to report the Chairman of the SEC for regulation by harassment. #Fire Gary Gensler https://t.co/oMyDIEU3o1
— Tom Emmer (@GOPMajorityWhip) July 12, 2024
Emer, among other crypto enthusiasts, has been a consistent critic of the SEC’s regulatory approach to the digital asset industry, which he has often described as hostile. In 2023, US Congressman Gary Gensler criticized the SEC, noting that the SEC’s consistent enforcement actions portrayed it as a “bad faith regulator,” especially since these campaigns did not impact actual bad actors in the crypto community.
At the time of writing, the cryptocurrency ecosystem is still recovering from the previous year’s price drop in July. According to Data from CoinMarketCapThe total cryptocurrency market cap is currently $2.15 with a 1.87% increase in the last day.
Featured image from The New York Times, chart from Tradingview