United States senator for Wyoming Cynthia Lummis has suggested Bitcoin (BTC) has the potential to solve existing financial sector challenges like inflation.
According to Lummis, Bitcoin ‘can’t be stopped,’ stating that it offers users an alternative to the devaluation of the dollar in the wake of the rising national debt and inflation, the senator said during an interview with investigative journalist Natalie Brunell on September 28.
“I love that it can’t be stopped, especially because I’m concerned about our national debt, I’m concerned about inflation. I see people in my home state of Wyoming that are going to food banks now because they need fuel to get to their jobs, and they have to choose now between high-priced gasoline and food. <…> We see things that are inflationary.<… > It’s actually comforting to know that Bitcoin is there,” said Lummis.
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Notably, Lummis has been among leading Bitcoin proponents pushing for the sector’s adoption. In this line, Lummis introduced a comprehensive crypto regulation bill seeking to provide a framework for regulating the U.S. crypto sector.
Leaders opposed Bitcoin
At the same time, Lummis has been at the forefront of attempting to educate U.S. leaders on the qualities of Bitcoin that can benefit the economy. However, she also called out leaders attempting to clamp down on Bitcoin, stating that she would resist them.
“We believe it (Bitcoin) allows us to innovate but still provides a regulatory framework, so we will be resistant to members of the U.S. Senate and House who want to clamp down on it…There are individual leaders in our country right now, I believe that are bound and determined to do the wrong thing, and we’re going to have to get through this,” she added.
Furthermore, besides leaders, Lummis pointed out that several policymakers are opposed to the idea of Bitcoin because it eliminates the element of control from the government. According to the senator, lack of control has pushed some regulators to be ‘scared’ of Bitcoin.
U.S. crypto regulation journey
It is worth noting that the United States is currently debating the right regulatory approach to crypto, with the White House getting involved after president Joe Biden signed an Executive Order directing Federal agencies to study the development of cryptocurrencies.
The order resulted in the White House releasing its first-ever cryptocurrency framework calling for regulation of the sector to protect consumers.
Watch the full interview below:
