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- Senator Cynthia Lummis plans to revive the greenback’s dominance through Bitcoin integration.
- Lummis plans to place a cease to the plans for a central financial institution digital forex.
- The senator additionally supported self-custody Bitcoin wallets.
Senator Cynthia Lummis of Wyoming has unveiled her plans for integrating Bitcoin into the U.S. monetary system and opposing central financial institution digital currencies (CBDCs).
In a Fox Enterprise interview on July 12, Lummis, a long-time crypto advocate, emphasised her purpose of restoring the greenback’s dominance within the digital age.
Within the interview, Lummis, referred to as the Crypto Queen, revealed that there are plans to combine Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, into the USA monetary system and reinforce the US greenback’s dominance within the twenty first century. The senator asserted that having Bitcoin in reserve “may help the US greenback stay robust.”
Additional, she criticized retail CBDCs and warned {that a} digital greenback would erode People’ privateness, including:
“No central financial institution digital forex – I’m so blissful about that trigger that’s a method of surveillance of the American individuals.”
Lummis additionally emphasised offering crypto traders and Bitcoin holders with clear protections for self-custody Bitcoin wallets. She defined that the purpose is to “be sure individuals can have particular person wallets for his or her Bitcoin so that they have sovereignty over their very own cash.”
In the meantime, Michael Saylor, the previous CEO and Govt Chairman of MicroStrategy, the most important company holder of Bitcoin, expressed his help for Lummis’ concept of a Bitcoin-backed greenback on social media platform X (previously referred to as Twitter).
It is very important notice that Lummis has all the time been a supporter of self-custody options for cryptocurrencies. In Could, she condemned the US Division of Justice for charging crypto mixers Twister Money and Samourai Pockets for unlicensed money-transmitting. She pledged to combat for People’ rights to “maintain your individual keys and run your individual node.
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