Bitcoin is the standard of the crypto sector, regulate separately: Cynthia Lummis

Cynthia Lummis shared her stance on bitcoin & crypto to give a better idea to regulate the crypto industry perfectly. 

Cynthia Lummis is a US senator from Wyoming. She owns Bitcoin and she is a crypto-friendly Senator of the United States officials. 

In the latest, she appeared in an interview with CNBC’s Squawk Box show. In the interview, Cynthia said that Bitcoin is a commodity and it is a standard for the crypto space. 

According to Cynthia, Bitcoin is different because Bitcoin is a fully decentralized crypto asset. But later many crypto assets entered this internet world, which are not perfectly/fully decentralized. 

“I do think that Bitcoin is here to stay. And I think a lot of the others are not, the fact that Bitcoin is fully decentralized and that some of these others were issued by a person or an entity that kept a large block of the coin for themselves, and then issued others to participate means they look more like a security than a commodity. Bitcoin is a commodity. It is digital gold,” 

So, Cynthia sees Bitcoin as a most unique asset just like the digital mode of Gold. 

According to Cynthia,  Dogecoin, XRP, Litecoin, and Ethereum will revolve around Bitcoin because these are most likely decentralized. But still, these are different from the bitcoin uniqueness. So the laws to regulate Bitcoin and crypto should be separate. 

Cynthia asserted that lawmakers are already doing work to make better legislation to improve the existing laws, as per the suggestions of Cynthia. 

This is not the first time when Cynthia talked in support of Bitcoin. Earlier this many times she passed statements in favour of Bitcoin and also suggested people hold some bitcoin for retirement funds. 

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