Keeping Bitcoin on hand, according to US Senator Cynthia Lummis (R-WY), could help keep the US dollar strong.
In a July 12 TV interview with Fox Business, Senator Lummis advocated for Bitcoin as a reserve currency.
“We know we want the US dollar to remain strong,” she said. “And actually having Bitcoin in reserve can help the US dollar remain strong.”
Senator Cynthia Lummis: “Having #Bitcoin in reserve can help the US dollar remain strong.”
— Rhino Bitcoin App (@RhinoBTCapp) July 12, 2024
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No to CBDC and Yes to Bitcoin Wallets
Lummis also acknowledged the importance of having independent cryptocurrency wallets while opposing the launch of a central bank digital currency (CBDC).
“No central bank digital currency – I’m so happy about that cause that’s a means of surveillance of the American people,” stated Lummis. “But we want to make sure people can have individual wallets for their Bitcoin, so they have that sovereign over their own money.”
Senator Lummis Criticizes DOJ
Previously, the Senator criticized the U.S. Department of Justice (DOJ) in May for its stance on self-custody wallets, following charges against crypto mixers Tornado Cash and Samourai Wallet for unlicensed money-transmitting.
Following the DOJ’s arrest of Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill on suspicion of money laundering and running an unlicensed money-transmitting enterprise, this statement was released.
“I am deeply troubled by the Department of Justice’s hyper-aggressive argument that non-custodial software can constitute a money transmission service,” said Lummis. “This stance contradicts existing Treasury guidance, common sense and violates the rule of law.”
“Arguments against self-custody software threaten the fundamental property rights that are core to being an American. I will do everything I can to fight for your rights to hold your own keys and run your own node,” stated Lummis.
Cynthia Lummis was born in 1954 and has been a senator since 2021. She previously represented Wyoming’s at-large district in the U.S. House of Representatives. Lummis is well-known for being an advocate of cryptocurrency.