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Senator to launch Monetary Innovation Caucus to teach lawmakers on crypto

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

Showing on Anthony Pompliano’s podcast on Feb. 2, Lummis introduced her intention to determine 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 said the caucus will first work to struggle the false narrative about digital property and crypto getting used for cash laundering, noting that analysis from blockchain forensics agency Chainalysis signifies “cryptocurrency-related crime is smaller than prison exercise with money.”

Lummis famous she not too long ago spoke with treasury secretary Janet Yellen — whose latest feedback concerning the usage of crypto in illicit financing induced 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 said: “It’s going to take a whole lot of work to get to the place we will 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 prison exercise.”

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

Senator Lummis bought Bitcoin throughout 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 throughout the 2000s.

“I used to be state treasurer in Wyoming throughout the first a part of the twenty first century so I used to be all the time on the lookout for a retailer of worth. Now we have in Wyoming everlasting funds which are 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 mentioned.

“The idea of that everlasting mineral belief fund is that when the minerals are gone we’ll nonetheless have income left over as a result of we invested the proceeds and continued to take a position 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.