Former Bitcoin US Senator Cynthia Lummis (Cynthia Lummis) has been appointed to the Senate Banking Committee. She has been talking to Janet Yellen and outlined her plan to help the new Secretary of the Treasury and other American lawmakers understand that Bitcoin is a huge store of value. Lummis said Yellen is open to this topic, although she currently believes that cryptocurrencies are mainly used for illegal financing.

Senator Lummis plans to convince Congress and Janet Yellen about the benefits of Bitcoin

U.S. Senator Cynthia Lummis was appointed to the Bank, Housing and Urban Affairs Committee last week. The committee has jurisdiction over a range of issues, including banking, banking, federal monetary policy, currency, and financial assistance to industry and commerce. Lummis was sworn into the U.S. Senate on January 3, becoming the first woman in Wyoming to serve as a U.S. Senator. She served as governor of Wyoming.

In an interview with Morgan Creek Digital partner Anthony Pompliano last week, the senator reiterated her views on Bitcoin, noting:

I do see it as an important store of value for individuals, companies and governments… This is an excellent store of value, and it should be part of everyone’s portfolio.

She plans to educate other members of Congress about Bitcoin. Lummis revealed that the Senate has formed a “new financial innovation core group” and will discuss Bitcoin.

Senators who support Bitcoin also look forward to working with the Ministry of Finance to help them understand Bitcoin. Rumis shared: “I had a phone call with the new Minister of Finance Janet Yellen (Janet Yellen) the day before the confirmation hearing.”

I think she has an open mind in this regard. Like most financial technology fields, she has the same concerns. People are worried about criminal or evil use of cryptocurrency.

“Therefore, it takes a lot of work to have an open conversation, without worrying about seeing this kind of subconscious reaction to the concern that all cryptocurrencies will be largely criminal activity.” Rumis said. She cited the discovery of blockchain analysis company Chainalysis that only 0.34% of all cryptocurrency transactions last year were related to criminal activities.

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Yellen said at the confirmation hearing that cryptocurrency is mainly used for illegal financing. She then made more comments on the topic and promised “effective” cryptocurrency regulation.

Do you think Senator Lummis can successfully convince Janet Yellen that Bitcoin is an excellent store of value? Let us know in the comments section below.

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