On July 12, Senator Cynthia Lummis of Wyoming shared her vision for integrating Bitcoin into the U.S. financial system during an interview with Fox Business. Lummis, a prominent advocate for cryptocurrency, spelled out how she intends to bolster the U.S. dollar in the digital economy era.
Lummis, also known as the Crypto Queen, stressed the need to include BTC, the most prominent digital asset by market cap, in the state’s monetary system. She explained that having Bitcoin reserves could help make the U. S. dollar stronger while locking it as the world’s standard for the 21st century.
Also Read: SEC Exempts Some Banks from the Contentious Crypto Banking Rule
Opposition to Central Bank Digital Currencies
Lummis also provided her take on a specific type of CBDCs, retail CBDCs. She said that a digital dollar threatens the privacy of citizens of the United States, noting that there is no effective plan to launch a CBDC. Lummis said, “No central bank digital currency — I’m so glad about that because that is a tool for monitoring the American people.”
Advertisement
Moreover, she emphasized that giving guarantees to cryptocurrency owners and those who possess Bitcoin is necessary. Lummis also stressed self-custody solutions and ensuring people have custody over their funds. “We want to make sure people can have an individual wallet for bitcoin.” she further said.
Support from Industry Leaders
Michael Saylor, the former CEO and Executive Chairman of MicroStrategy’s business intelligence firm, supported Lummis’ proposal on social media platform X (formerly Twitter). That is why MicroStrategy, which currently occupies the position of the largest corporate buyer of BTC, is also in tune with Lummis’ view of Bitcoin as a future dollar.
Another thing that remains evergreen is Lummis’ advocacy for self-custody solutions. In May, She criticized the U S Department of Justice for arresting crypto mixers, Tornado Cash and Samourai Wallet for unapproved money transmission. It assured Americans that the right to ” hold your keys and run your node” would be protected.
Senator Lummis’ plans for Bitcoin integration and her opposition to CBDCs reflect a broader effort to secure financial sovereignty and privacy for Americans. As the digital landscape evolves, her proposals aim to ensure the U.S. dollar remains dominant while protecting individual freedoms in cryptocurrency.
Also Read: XRP Price Surge Defies Market Trend Amid SEC Case Speculations
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.