US Senator Reiterates Support For Bitcoin As Reserve Asset

Cynthia Lummis, a prominent US Senator and cryptocurrency advocate, has once again advocated for the US government to approve Bitcoin as a reserve asset

Lummis’ most recent demonstration of support for Bitcoin adoption occurred concurrently with his opposition to the establishment of a central bank digital currency (CBDC) for the American populace.

Lummis asserts that the Bitcoin Reserve has the potential to bolster the dollar.
On Friday, Lummis reiterated her support for the utilization of Bitcoin as a reserve asset to support the value of the US dollar during an interview with Fox TV Station. The senator from Wyoming has previously characterized the US dollar as a “good store of value,” and she has stated that the implementation of this strategy could potentially increase its value.

Political statements advocating for the inclusion of Bitcoin (BTC) as a reserve asset in the United States have been on the rise in recent years.

Lummis also condemned the concept of a digital currency issued by the US central bank, which she believes will be used as a method of surveillance on American citizens, in addition to her strong endorsement of Bitcoin on Fox TV. Lummis has advocated for the establishment of a legal framework that ensures the integrity and security of Bitcoin wallets that are stored in self-custody.

The senator is of the opinion that the strategic use of Bitcoin as a reserve asset, in conjunction with these measures, has the potential to revitalize and maintain the US dollar’s dominance in the 21st century.

A United States Congressman has requested that the SEC Chair be removed.
In other news, Tom Emmer, a prominent US Representative and crypto advocate, has once again called for Gary Gensler’s resignation as chairman of the US Securities and Exchange Commission. On Friday, Tom Emmer, who is also the Majority Whip of the US House of Representatives, accused the SEC of conducting a regulation-by-harassment operation in an X post.

Emmer, along with other crypto enthusiasts, has consistently criticized the SEC’s regulatory approach to the digital asset industry, which is frequently characterized as hostile. The US Congressman criticized Gary Gensler in 2023, claiming that the SEC’s consistent enforcement actions portrayed him as a “bad-faith regulator.”

He also noted that these crackdowns did not impact the actual bad actors in the crypto community.

The crypto ecosystem is currently in the process of recovering from the general price decline that occurred in July. As per CoinMarketCap data, the total crypto market cap is presently valued at $2.15, representing a 1.87% increase in the past day.