The first US senator to own Bitcoin, Senator Cynthia Lummis has said that she would be creating a Financial Innovation Caucus where she would be educating other Congress members about the crypto industry and digital assets. She made her intentions known after she appeared on a recent podcast of Anthony Pompliano.
According to Lummis, the caucus was going to afford congressmen and their staff to learn about Bitcoin and other crypto assets and the inherent opportunities that lie in blockchain and other financial innovations too. She stated that the first goal of the caucus would be to correct the erroneous thought that the crypto industry is majorly used to finance illegal activities. She cited a report from Chainalysis, a blockchain analytics firm, which says that “cryptocurrency-related crime is smaller than criminal activity with cash.”
The US senator also said that she has been in touch with the newly appointed Secretary of the Treasury, Janet Yellen, whose comment about the crypto industry had generated some reactions from market players. She highlighted the fact that Yellen had “an open mind” about cryptocurrencies and also went on to add that it is high time they corrected the notion that “all crypto is subject to criminal activity.”
Senator Lummis Likens Bitcoin to Wyoming’s Permanent Mineral Trust Fund
Senator Lummis has likened Bitcoin to the permanent mineral trust fund she supervised when she was the Treasurer of Wyoming in the 2000s. According to the erstwhile State Treasurer, Bitcoin reminded her of this permanent trust fund because of its potential as a store of value.
Lummis first bought Bitcoin in 2013 after she was advised by her Son in-law, Will Cole to invest in the crypto asset and since then has been a proponent of the industry. Caitlin Long of Avanti had said that Lummis was going to defend Bitcoin against federal encroachment and that she sees the digital coin beyond a new class of asset.
The senator herself has said that the finite supply of Bitcoin makes it a very attractive option and a very good store of value.