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Senator to launch Financial Innovation Caucus to educate lawmakers on crypto

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Senator Cynthia Lummis, the primary senator within the historical past of the USA to personal Bitcoin, has revealed plans to launch a Monetary Innovation Caucus to teach her fellow senators on cryptocurrency and digital belongings.

Showing on Anthony Pompliano’s podcast on Feb. 2, Lummis announced her intention to ascertain the caucus, stating:

“We hope to make use of it as a springboard to teach members of the U.S. Senate and their employees about Bitcoin particularly, however about different alternatives for cryptocurrency and monetary innovation and blockchain.”

Lummis acknowledged the caucus will first work to battle the false narrative about digital belongings and crypto getting used for cash laundering, noting that research from blockchain forensics firm Chainalysis signifies “cryptocurrency-related crime is smaller than felony exercise with money.”

Lummis famous she not too long ago spoke with treasury secretary Janet Yellen — whose recent comments regarding the use of crypto in illicit financing triggered issues concerning an incoming regulatory crackdown to reverberate throughout the crypto-sphere.

Lummis sought to quell the crypto group’s issues about Yellen, describing the treasury secretary as having “an open thoughts” about crypto. Nevertheless, the senator acknowledged: “It’s going to take numerous work to get to the place we are able to have an open dialogue that’s free from the litter of seeing this knee-jerk response to the priority that each one crypto is topic to felony exercise.”

“Crypto rules want to go away room for innovation.”

Senator Lummis purchased Bitcoin during 2013 and 2014, and has since touted Bitcoin’s utility as a retailer of worth. She likened Bitcoin to the everlasting mineral belief fund that she oversaw whereas working as Wyoming’s state treasurer through the 2000s.

“I used to be state treasurer in Wyoming through the first a part of the twenty first century so I used to be at all times on the lookout for a retailer of worth. We’ve got in Wyoming everlasting funds which can be primarily based on extracting minerals and oil and fuel from the bottom. We take a severance tax […] from minerals and make investments it in a everlasting fund,” she stated.

“The idea of that everlasting mineral belief fund is that when the minerals are gone we are going to nonetheless have income left over as a result of we invested the proceeds and continued to speculate them in a diversified asset allocation […] Bitcoin jogged my memory of our everlasting mineral fund.”

“There’ll solely be 21 million Bitcoin mined, and since it’s a finite useful resource, I see it as an excellent retailer of worth,” Lummis concluded.