US Senator Cynthia Lummis remains a committed Bitcoin supporter and wants to include Bitcoin in retirement funds amid the crypto market’s woes.
“I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies,” Lummins recently shared with Semafor.
However, it’s not the first time the senator has expressed positivity toward Bitcoin. Cynthia Lummis addressed the CNBC Financial Advisor Summit June 2021. She encouraged Americans to incorporate Bitcoin into their retirement plans as part a diversified strategy. You can also find an explanation in the interview Lummis, six months ago, encouraged Americans to use Bitcoin as a retirement investment.
The market has suffered a number of significant losses since then as it battled through the FTX disaster, followed by bankruptcies, panic, and the FTX collapse. After that, Bitcoin’s price plunged to new lows and is now 70 percent below its peak.
Cynthia Lummis, a Bitcoin enthusiast
Lummis, a prominent crypto advocate on Capitol Hill is listed as holding between $100,000 and $350,000 worth of tokens according to financial disclosures.
“I personally believe that because there are only going to be 21 million Bitcoin that are mined, that Bitcoin will go up,” Lummis added. “That’s a personal belief, just based on its scarcity.”
The September Ethereum merger made Bitcoin the only cryptocurrency that can be considered a commodity, according to the senator. She now considers Ethereum a security.
Lummis is the architect of a landmark piece unified of legislation, the Lummis–Gillibrand legislation to end confusion about whether cryptocurrencies are securities or commodities.
While the market has been turbulent recently, she plans to reintroduce this bill in January, clarifying specific terms like “digital assets.” In an earlier statement, she said that the fall of FTX had only heightened the enthusiasm to reintroduce the bill in the new Congress next month and to set clear regulatory standards that would benefit consumers involved in digital asset trading.
In addition, the senator planned to meet with the SEC shortly after receiving concerns about certain “unintended consequences.”