Wyoming Senator says Fed should purchase Bitcoin
Cynthia Lummis once again supported bitcoin at that level where the US government may consider buying Bitcoin to add to the treasury balance sheet.
Cynthia Lummis is a US senator from Wyoming. She is 67 years old and she is popularly known for her bullish support for Bitcoin. According to Cynthia Lummis, people should hold Bitcoin in their retirement funds.
On 17 February, Cynthia responded to a question during a panel hosted by Orrin G. Hatch Foundation and said that if the Federal Reserve will purchase Bitcoin then surely it will be a better idea because the Fed already holds $40 billion worth of foreign currencies, so why not should bitcoin be an option.
“I think it’s a great idea to be honest” for the Fed to buy bitcoin as it holds over $40 billion in foreign currency reserves.”
Cynthia also noted that there is a need for huge clarity on Bitcoin, so it makes sense to add Bitcoin on the balance sheet and also it is decentralized, so it makes more sense to go with Bitcoin buy.
“Once there is a statutory and regulatory framework, that will make a lot of sense,” said Cynthia. “The fact that (bitcoin) is completely decentralized, is going to make it over time more ubiquitous, and I think it’s going to be something.”
In the panel, the former vice chairman for supervision at the Fed Randal Quarles was also present and he said that he doesn’t think that the Central Bank will consider adding Bitcoin to its balance sheet soon.
“For a lot of political, economic reasons, I think that it’s best to keep the Fed’s balance sheet, which it isn’t currently, [but] it needs to move more in that direction — (that is)entirely treasuries.”
Cynthia supported industry on $1 trillion infrastructure bill
At the end of 2021, the $1 trillion infrastructure bill of the US was introduced without any correction in the definition of “crypto broker” which included miners, software makers, wallet services providers as a crypto broker to force them to report all the transactions in detail requirements.
On the mistake of the bill, in particular, on the definition of a crypto broker, Cynthia Lummis said that crypto is here to stay and the crypto community doesn’t need to take tension because crypto-friendly lawmakers are working to fix it.
Because of the efforts of Cynthia and other crypto-friendly US senators, US lawmakers finally fixed the mistake this month.
Read also: New rules will ban senior officials at Fed Res to purchase crypto assets
