Wyoming’s Republican Senator Cynthia Lummis spoke about Bitcoin’s value to national and energy security and potential upcoming legislature on cryptocurrency, blockchain, and related technologies during her fireside chat with the founder and CEO of the Chamber of Digital Commerce, Perianne Boring. Lummis emphasized the importance of regulating Bitcoin and related technologies as a national security issue. She believes that the U.S government has been careless with its debt and that Bitcoin could play as a decentralized safety net for citizens. Although Senator Lummis believes that current challenges surrounding the passing of cryptocurrency-friendly bills could be solved through proper education, even though people in Washington, DC, confuse Bitcoin with other types of cryptocurrencies. However, Lummis hopes the comprehensive cryptocurrency legislative measure bill she has drafted with Kirsten Gillibrand from New York will serve as a catalyst for positive change. Boring shifted the conversation to mining and mentioned that over 50% of the Bitcoin hash rate in the U.S. is represented by her company’s membership, and many of her clients were concerned about the 30% mining tax floated by the White House. Lummis assured the audience that many members of Congress were working diligently with the digital assets community to ensure that fair regulation will follow. Lummis emphasized the national security and environmental benefits of harnessing the Bitcoin mining process to stabilize the energy grid and prevent gas from being vented into the atmosphere. However, the perception by Congress that “Bitcoin and cryptocurrencies are being used for criminal activities” has been a roadblock to pushing Bitcoin technologies. Lummis argues that cryptocurrencies can help solve crimes easier than U.S. dollars with the help of companies like Chainalysis. Pushing Bitcoin and related technological innovations such as mining operations overseas would erode U.S. law enforcement’s abilities to operate in an increasingly digital world.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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