U.S. Senator Cynthia Lummis says she loves that bitcoin cannot be stopped and that governments cannot just confiscate the cryptocurrency. “It’s actually comforting to know that bitcoin is there,” she said, citing concerns about the national debt and inflation.
U.S. Senator: Bitcoin Is Something Governments Cannot Take
Discussing the merits of bitcoin, including how the cryptocurrency cannot be stopped, the senator from Wyoming said:
I love that it can’t be stopped especially because I’m concerned about our national debt. I’m concerned about inflation.
She continued: “I see people in my home state of Wyoming that are going to food banks now because they need fuel, they need gasoline, to get to their jobs, and they have to choose now between high-priced gasoline and food so they are going to food banks for their food.”
The senator further detailed: “So when we see things that are inflationary, when we see the value of a dollar drop when you go to the grocery store and you come out with one sack of food and used to for the same price come out with two, we really need to look at assets that are going to be there for the long term.” She noted:
That’s why to me it’s actually comforting to know that bitcoin is there.
She further explained that in some countries where the government is unstable, it can come to take people’s homes and property. The senator stressed:
Bitcoin is something the government cannot take.
“For people in foreign countries that are living in places that are very insecure, that is definitely a backstop and something that they can comfortably go to bed at night and know it’s going to be there in the morning,” the senator opined.
The senator from Wyoming introduced a crypto bill titled “Lummis-Gillibrand Responsible Financial Innovation Act” in June with Senator Kirsten Gillibrand (D-NY).
Providing an update on the bill, Lummis described, “this is a very comprehensive piece of legislation, probably too comprehensive given the time remaining in 2022 for the bill to pass.” She added: “But what that does is give us more time to get more input on the bill, and we want to embrace that. We want people to provide additional input and ideas and thoughts.”
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