Wyoming Senator Cynthia Lummis has announced the opening of the Financial Innovation Forum to raise awareness of digital assets in government.
At such conferences, members of the US Senate and politicians will learn about the peculiarities of bitcoin and other cryptocurrencies, as well as explore the possibilities of using blockchain in various fields of activity. First of all, the initiative will help dispel misconceptions about cryptocurrencies, which are allegedly used only for financing terrorism and money laundering. For example, US Treasury Secretary Janet Yellen fears that digital assets can be used for criminal purposes. Such sentiments of politicians could lead to even greater tightening of regulation of the cryptocurrency industry.
Cynthia Lummis said the Forum’s main goal is to prove to the government that its fears are unfounded. However, it will take a lot of time and effort to conduct an open dialogue with regulators, since some politicians are already pre-set against cryptoassets, without even understanding how they work. At the same time, Lammis is convinced that fewer crimes are committed with cryptocurrencies than with cash. She believes that regulation of the cryptocurrency industry should “leave room for innovation.”
Senator Lammis is known for her positive attitude towards Bitcoin. She became one of the earliest hodlers, buying BTC in 2013-2014. Lammis called Bitcoin an effective store of value, as Bitcoin’s resources are limited to 21 million coins. The senator compared the first cryptocurrency to a mining trust fund.
“The point is that when the minerals run out, we still have money left, because we have invested the income received in other assets, forming a diversified investment portfolio. It’s the same with bitcoin, ”Lummis said.
As a reminder, in December, Lummis appointed Tyler Lindholm, aka “Cryptokokboy”, as Wyoming’s director of policy. Lindholm is also seen as a supporter of bitcoin and advocates for the development of the digital asset industry.
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