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Pro-bitcoin US Senator Cynthia Lummis has been appointed to the Senate banking committee. She has spoken with Janet Yellen and outlined her plans to help the new Treasury Secretary and other US lawmakers understand that bitcoin is a great store of value. Lummis says Yellen has an open mind on this topic, even though she currently thinks cryptocurrencies are primarily used for illegal financing.

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

US Senator Cynthia Lummis was appointed to the banking, housing and urban affairs committee last week. The committee has jurisdiction over a range of matters, including banks, banking, federal monetary policy, currency, and financial aid to commerce and industry. Lummis was sworn in to the United States Senate on Jan. 3, becoming the first woman to serve as a United States Senator from the state of Wyoming. She was previously Treasurer of the State of Wyoming.

In an interview with Morgan Creek Digital partner Anthony Pompliano last week, the senator reiterated her opinion on bitcoin, stating:

I really see it as a great store of value for individuals, for companies and for the government … It’s an excellent store of value and it should be part of every person’s investment portfolio.

She has plans teach other members of Congress about bitcoin. “A new financial innovations caucus” has been formed in the Senate that will also discuss bitcoin, Lummis revealed.

The pro-bitcoin senator is also looking forward to working with the Treasury Department to help them understand bitcoin. “I recently visited Janet Yellen, the new Treasury Secretary, on the phone for her hearing,” Lummis said, adding:

This is one area that I think has an open mind. She has some of the same concerns that most do in financial technology. There are concerns about criminal or nefarious use of cryptocurrencies.

“So it will take a lot of work to get where we can have an open dialogue that is free from the clutter of seeing this jerky response to concerns that all cryptocurrencies are highly prone to criminal activity,” said Lummis She quoted findings by blockchain analytics firm Chainalysis that only 0.34% of all cryptocurrency transactions last year were related to criminal activity.

Yellen said during her confirmation hearing that cryptocurrencies are primarily used for illegal financing. She went on to comment on the topic and promised: “effectiveCryptocurrency Regulation.

Do you think Senator Lummis will succeed in convincing Janet Yellen that bitcoin is an excellent store of value? Let us know in the comments below.

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