InsideBitcoins.com

Cynthia Lummis Pro Bitcoiner Elected For US Senate Seat

US Crypto Regulations Will Depend On The Results of 2020’s Election

Cynthia Lummis, a Republican Senate candidate, had managed to successfully defeat her Democratic counterpart. As a result, she now holds a six-year term for one of the senators from the US state of Wyoming.

Regardless of political views, this is a boon for the crypto industry, in particular, as Lummis is a well-known supporter of Bitcoin. She had purchased bitcoin all the way back in 2013, when BTC was valued at just over $300. To many, this seems like such a faraway time, in more ways than one.

A New Pro-BTC Senator

The way the Senator-Elect managed to learn about the technology, to begin with, is quite interesting. She learned it from the Chief Product Officer of Unchained Capital, a financial services firm, who happens to be her son-in-law. This occurred while she was serving as the sole representative of Wyoming in the House during the time of 2009 and 2017.

Lummis had run a campaign which had close links to President Trump and his agenda, with her website promoting an “America First” Ideology. Lummis wants to move toward carbon capture technologies, uranium mining, protection of gun rights, eliminating red tape in agriculture inspections, and eliminating abortions.

Pushing For Financial Security

Another key point she’s hammered on was the US national debt, dubbing herself a “fierce budget hawk.” According to her pitch, she will tirelessly work towards cutting as much spending as possible. This desire to cut costs is why she admires Bitcoin so much, as she’s worried that the print-happy monetary policy alongside a spendthrift fiscal policy could weaken the USD as a reserve.

At the Wyoming Blockchain Stampede back in September, Lummis told attendees that she wants to protect the value of labor generated by US workers, all the while addressing the US debt when she goes to the Senate. She stressed that the US could not continue its trend of debasing its own currency, and at the same time, expecting that the US workers will be left with unaffected savings and wages.

Bitcoin Slowly Entering The Minds Of The Senate

Lummis believes that Bitcoin could serve as a more secure store of value. She stated that she bought Bitcoin back in 2013 due to her belief in the economic power of scarcity. She further highlighted that she saw  Bitcoin’s potential to address the financial system’s ongoing manipulations.

Wyoming sending a pro-Bitcoin senator to the House seems oddly appropriate. Back in 2019, the US state had passed a number of bills that are very pro-blockchain and pro-cryptocurrency in a bid to attract new innovation to the state. Still, Bitcoin enthusiasts are few and far between within the lower House of the Senate.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

      Leave a Reply

      Your email address will not be published. Required fields are marked *