Senator Cynthia Lummis, the first senator in United States history to own Bitcoin, has unveiled plans to launch a Financial Innovation Caucus to educate her fellow senators about cryptocurrency and digital assets.
Appears on Anthony Pompliano’s podcast Feb. 2, Lummis announced its intention to establish the caucus, stating:
“We hope to use it as a springboard to specifically educate members of the US Senate and their staff about Bitcoin, as well as other opportunities for cryptocurrency and financial innovation and blockchain.”
Lummis stated that the caucus will work first to combat the false narrative about digital assets and crypto being used for money laundering, noting that investigation of blockchain forensic company Chainalysis indicates that “cryptocurrency-related crime is less than criminal activity involving cash.”
Lummis noted that she recently spoke to Finance Minister Janet Yellen – whose recent comments on the use of crypto in illegal financing caused concerns about an incoming regulatory crackdown to reverberate in the crypto sphere.
Lummis sought to allay the crypto community’s concerns about Yellen, describing the Treasury Secretary as “an open mind” about crypto. However, the senator said, “It will take a lot of work to achieve an open dialogue that is free from the clutter of seeing this nerve-wracking response to concerns that all crypto is subject to criminal activity. “
“Crypto regulation must leave room for innovation.”
Senator Lummis bought Bitcoin in 2013 and 2014, and has since touted Bitcoin’s utility as a store of value. She compared Bitcoin to the permanent mineral trust fund she oversaw as Wyoming’s secretary of state in the 2000s.
“I was state treasurer in Wyoming during the early part of the 21st century, so I was always looking for a valuable store. We have standing funds in Wyoming that are based on mining minerals and oil and gas from the ground. We take a severance tax […] from minerals and invest it in a permanent fund, ”she said.
“The concept of that permanent mineral trust fund is that when the minerals run out, we still have income left because we have invested the proceeds and they have continued to invest in a diversified asset allocation. […] Bitcoin reminded me of our permanent mineral fund. “
“Only 21 million Bitcoin will be mined, and because it is a finite resource, I see it as a very good store of value,” Lummis concluded.