Government’s “stupid” spending fuels crypto adoption, according to U.S. senator

July 29, 2021

Republican Senator and Bitcoin proponent Cynthia Lummis sent her gratitude, so to speak, to the U.S. government for its massive spending which continues to accelerate crypto adoption.

The Wyoming Senator commented on government spending as she made an appearance on the Fox Business cable network on July 28.  Lummis highlighted the necessity for a crypto regulatory sandbox and support to further spur Bitcoin mining activities in the U.S.

A deep hole

After the interview on the Fox show she summarized her points on Twitter and issued a warning not to put ”America deeper into a hole” and stated more spending would not only be “undesirable” but even “stupid”. She further asserted that the diminishing value of the U.S. dollar is what is pushing people towards digital assets such as Bitcoin.

Lummis had previously commented on the endless money printing of the U.S. government by saying:

“It’s anti-American to destroy our currency.”

In her appearance on “Varney & Co”, Lummis reflected on the July 27 hearing held by the Senate Banking Committee about the risks of crypto and projected her ideas on the regulatory landscape moving forward.

According to the Senator “good solid definitions” that are agreed upon in legislation are a much needed first step as she called for “a regulatory sandbox where everyone understands the rules, but innovation can still occur unrestricted.”

She further said she wants to protect Bitcoin’s value as a store of value as it seems she primarily views the asset as such. However, she also noted that if the U.S. were to follow El Salvador’s route and make BTC legal tender, it would need to be regulated under the bank secrecy act, anti-money laws and in a way that it can be “ferreted out” illegitimate activities occur.

Crypto mining in the U.S.

Lummis also expressed her support to crypto miners that are flocking to the country following the Chinese mining ban:

“We wanna make sure that these miners […] can come to places like Pennsylvania, Texas, Wyoming and elsewhere. Where they can get the energy to mine it and then once it’s produced that it can be on the blockchain in a way that enhances the non-fiat currency advantages that cryptocurrency has.”

Lummis herself holds Bitcoin and even stated in June that she was excited to buy the dip. The ‘hodling senator’ is a strong advocate for holding BTC as part of a retirement diversification strategy.

Nonetheless, her pro-crypto sentiments were not shared by Democrat senator Sherrod Brown and others attending the Senate Banking Committee’s hearing. In his opening statement, the Democrat said:

“After a decade of experience with these technologies, it seems safe to say that the vast majority haven’t been good for anyone but their creators. They claim to enable ‘transparency.’ Their backers talk about the ‘democratization of banking.’ There’s nothing ‘democratic’ or ‘transparent’ about a shady, diffuse network of online funny money.”

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Author: Peter Siu

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