Cynthia Lummis to Launch Financial Innovation Caucus For Crypto Education

Cynthia Lummis to Launch Financial Innovation Caucus For Crypto Education


U.S. senator Cynthia Lummis has recently announced to launch a Financial Innovation Caucus, to spread crypto education across the fellow senators. She is the first U.S. senator in history who is holding Bitcoin. She has announced this on Anthony Pompliano’s podcast on February 02, 2020. Cynthia stated that with this caucus, she hopes to educate the senators about the opportunities that the cryptocurrency world can offer. Her major focus will be on Bitcoin and along with this, she also wants to spread the word about financial innovation and blockchain.

Cynthia Lummis Focuses on Removing False Narrative About Cryptocurrency 

It has been seen that people very often associate cryptocurrency and other digital assets with money laundering and other illicit activities. Cynthia Lummis has stated that this Financial Innovation Caucus will majorly focus on removing the false narrative about cryptocurrency. She also mentioned that research by Chainalysis clearly states that cryptocurrency or other digital asset-related crime is very less as compared to the one with cash. 

Cynthia Lummis has mentioned that she also talked with the Treasury Secretary, Janet Yellen, in this matter. Yellen has  also emphasized on the need for better crypto regulations, however, Lummis mentioned that regulations will have to leave space for crypto innovation.

Bitcoin as Good Store of Value

Cynthia Lummis has been holding on to Bitcoin since really long as she purchased it during 2013 and 2014. Ever since her purchase, she has believed that Bitcoin is a good store of value and has also compared it to the permanent mineral trust. While she was working as Wyoming’s state treasurer, she was supervising this permanent mineral trust. She stated: 

“The concept of that permanent mineral trust fund is that when the minerals are gone we will still have revenue left over because we invested the proceeds and continued to invest them in a diversified asset allocation.”

This permanent mineral fund reminds her of Bitcoin and hence she believes it to be a good store of value.

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