Cynthia Lummis: Bitcoin will help people save money in the event of a crisis

November 2, 2021

Cynthia Lummis: Bitcoin will help people save money in the event of a crisis

U.S. Senator from Wyoming Cynthia Lummis said that bitcoin and other "non-fiat currencies" will potentially help Americans and citizens of other countries to cope with the impending economic crisis.

US President Joe Biden signed a decree last Thursday temporarily raising the national debt ceiling to avoid a potential default. The measure will allow to cover national expenditures until December 3, 2021.

The document provides for an increase in the limit by $480 billion to $28.9 trillion. Restrictions on the size of the national debt came into force again on August 1 - they have not been in force for two years.

At the end of September, US Treasury Secretary Janet Yellen asked Congress to raise the ceiling. In October, Biden himself made a similar request.

According to Lummis, governments are not behind the issuance of cryptocurrencies, and therefore they are not connected to the debt they have accumulated. If the US and other governments "fail, these instruments will allow people to keep their savings," she said.

"Presidents of both parties have gone into debt. Irresponsibly, with no plans to solve the problem. Thank God for bitcoin and other non-fiat currencies, which trump the irresponsibility of governments, including our own," the senator added.

Lummis first invested in digital gold in 2013 and owned 5 BTC at the end of June 2021. In August, she purchased additional cryptocurrency worth between $50,000 and $100,000.

As a reminder, the politician co-sponsored an amendment to the infrastructure plan, the initial version of which was criticised by the cryptocurrency community.

According to experts, the document interprets the term "broker" too broadly in relation to industry entities, which implies corresponding reporting obligations and costs

The Wyden-Lammis-Toomey amendment excluded miners, node operators, software developers and other non-custodial industry participants from this category. It was voted down, as was a competing proposal.

The Senate also failed to pass a compromise amendment drafted jointly with the Treasury, sending the plan to the House of Representatives without changes to cryptocurrency regulations.

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Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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