As a researcher and someone who closely follows the crypto space, I believe that the continued advocacy for Bitcoin adoption as a reserve asset by US politicians like Cynthia Lummis is a significant development. Her argument that using Bitcoin in this way could help strengthen the US dollar’s value holds merit. However, it’s important to note that this is just one perspective and there are valid counterarguments against this idea.
Senator Cynthia Lummis, a well-known supporter of cryptocurrencies, has again advocated for the US government to hold Bitcoin as a reserve asset. Simultaneously, she expressed opposition to the development of a central bank digital currency (CBDC) for the American populace.
Bitcoin Reserve Can Help Strengthen The Dollar, Lummis Says
During an interview with Fox TV Station last Friday, I, Sen. Lummis, reaffirmed my stance on utilizing Bitcoin as a reserve asset to support the worth of the US dollar. I believe integrating this strategy could potentially strengthen the US dollar’s value, given my previous characterization of Bitcoin as an effective store of value.
In recent developments, there has been increasing political endorsement for including Bitcoin as a component of the US monetary reserves. This trend gained more momentum with the latest news from Bitcoinist that even ex-President Donald Trump, now a Republican presidential hopeful, has voiced his support for this idea. A contrary stance might inadvertently bolster Russia and China’s positions on the global stage.
Bitcoin and digital assets are the future. Here’s my agenda:
“Central Banks should not issue retail versions of Digital Currencies, ensuring robust safeguards for personal Bitcoin wallets. Let’s strengthen the role of the Dollar in the 21st century.”
— Senator Cynthia Lummis (@SenLummis) July 12, 2024
Alongside her endorsement of Bitcoin on Fox TV, Senator Lummis voiced opposition to the proposal of a US central bank digital currency. She expressed concerns that such a currency could infringe upon American citizens’ privacy through surveillance. Instead, she advocates for establishing laws that ensure the security and safeguarding of personal Bitcoin wallets. The senator is convinced that these regulations, combined with Bitcoin’s adoption as a reserve asset, can preserve and strengthen the US dollar’s dominance throughout the 21st century.
Related Reading: Senator Lummis Challenges US Crackdown On Crypto Market, Vows To Protect Investor’s Rights
US Congressman Calls For Sack Of SEC Chair
In other news, another popular crypto advocate and US Representative Tom Emmer has once again demanded the discharge of Gary Gensler as chairman of the US Securities and Exchange Commission. In an X post on Friday, Tom Emmer who also serves as the Majority Whip of the US House of Representatives accused the SEC of running a regulation-by-harassment operation.
I’d like to report the SEC Chair for regulation-by-harassment. #FireGaryGensler
— Tom Emmer (@GOPMajorityWhip) July 12, 2024
Emmer, like many other cryptocurrency advocates, has frequently voiced his disapproval of the SEC’s regulatory stance towards the digital asset sector, which is commonly perceived as unfriendly. In 2023, this US Congressman publicly reprimanded Gary Gensler, asserting that the persistent enforcement measures undertaken by the SEC painted him as a “disingenuous regulator.” Notably, these regulatory actions did not effectively target the unscrupulous elements within the crypto community.
Currently, the crypto market is bouncing back from the significant price drop that occurred in July, based on data from CoinMarketCap. The total market capitalization of cryptocurrencies stands at approximately $2.15 trillion, representing a daily growth of 1.87%.
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2024-07-13 14:41