U.S. Senator Lummis Considers Bitcoin “The Hardest Money Ever Created.”

United States senator from Wyoming Cynthia Lummis called Bitcoin (BTC) the “hardest money ever created” shortly after officially announcing the country’s first cryptocurrency bill.

Lummis stated on CNBC’s Squawk Box Show that Bitcoin introduces the range of a store of value and can function as a portfolio diversifier for investors.

Lummis was replying to a question about her stance on the Labor Department’s decision to oppose corporations allowing employees to diversify their retirement assets between cash and Bitcoin.

She said:

“If you have a fully diversified asset allocation, you have some assets that you want to produce income in the short run. You also wish for some assets that are just a store of value, and that’s where Bitcoin shines. I think it’s some of the hardest money that’s ever been created,”

Lummis’ objection to the department’s position on Bitcoin diversification reveals inconsistencies in crypto regulation among US agencies. Institutions such as the Federal Reserve have voiced concerns about the adoption of cryptocurrencies, and the Senator intends to utilize the bill to encourage digital currencies.

The bill, co-sponsored by New York Senator Kirsten Gillibrand, is bipartisan and aims to integrate cryptocurrency into the financial sector. The senators noted that the bill would likely gain traction as they continue to work with industry stakeholders to enhance it.

Lummis stated that Congress must fund crypto-related advancements in addition to concentrating on consumer safety. She believes that because the United States is a global financial system leader, it is past time for the country to implement crypto regulations.

The bill is likely to provide a method for designating digital assets as commodities or securities, as well as identifying the appropriate regulating agency between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Senator Gillibrand, for her part, claimed that the draft law intends to bring openness, accountability, and predictability to the expanding sector. She said:

“The most important goal of this legislation was to create transparency, accountability and certainty. Regulation is necessary. You need to make sure that you have consumer protections. You need basic rules of the road,”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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