Popular cryptocurrency advocate and US Senator Cynthia Lummis has once again pushed for the US government to adopt bitcoin as a reserve asset. Lummis’ latest show of support for bitcoin adoption came as the senator also opposed the creation of a central bank digital currency (CBDC) for the American people.
bitcoin reserves can help strengthen the dollar, says Lummis
In ax.com/SenLummis/status/1811747346172248262″ target=”_blank” rel=”noopener nofollow”> Interview with Fox TV station on FridayLummis reiterated her support for using bitcoin as a reserve asset to support the value of the US dollar. The Wyoming senator claimed that adopting this strategy could help boost the value of the US dollar, having previously described the asset as a “good store of value.”
Notably, political statements supporting the integration of btc as a U.S. reserve asset have continued to increase in recent times. Recently, Bitcoinist reported that former president and current Republican presidential candidate Donald Trump has also expressed similar statements, warning that an opposite action could likely benefit global rivals Russia and China.
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bitcoin and digital assets are the future. Here is my agenda:
Retail central bank digital currencies are not accepted
Clear protections for self-custody bitcoin wallets
Restore dollar dominance for the 21st century photo.twitter.com/yEy9tcxU5b
— Senator Cynthia Lummis (@SenLummis) twitter.com/SenLummis/status/1811747346172248262?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>July 12, 2024
In addition to the strong endorsement of bitcoin on Fox TV, Lummis also condemned the idea of a US central bank digital currency, which she believes will be exploited as a means of surveillance of American citizens. Instead, Lummis has called for the creation of a legal framework that would ensure the integrity and protection 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 sustain the dominance of the US dollar throughout the 21st century.
US Congressman calls for SEC chairman's removal
In other news, another popular cryptocurrency advocate and US Representative Tom Emmer has once again demanded the removal of Gary Gensler as Chairman of the US Securities and Exchange Commission. In ax.com/GOPMajorityWhip/status/1811801045716058389″ target=”_blank” rel=”noopener nofollow”> Publication x On Friday, Tom Emmer, who also serves as majority leader in the U.S. House of Representatives, accused the SEC of conducting a harassment enforcement operation.
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I would like to sue the SEC Chairman for harassment regulation. twitter.com/hashtag/FireGaryGensler?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#FireGaryGensler https://t.co/oMyDIEU3o1
— Tom Emmer (@GOPMajorityWhip) twitter.com/GOPMajorityWhip/status/1811801045716058389?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>July 12, 2024
Emmer, among other cryptocurrency enthusiasts, has continually criticized the SEC’s regulatory approach toward the digital asset industry, which is often described as hostile. Notably, in 2023, the US Congressman criticized Gary Gensler, stating that the SEC's constant enforcement actions painted him as a “bad faith regulator,” especially since these crackdowns did not affect the real bad actors in the crypto community.
At the time of writing, the cryptocurrency ecosystem continues to recover from the previous general price drop in July. According to CoinMarketCap dataCurrently, the total cryptocurrency market cap is valued at $2.15 with an increase of 1.87% in the past day.
Featured image from The New York Times, chart from Tradingview
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