TL;DR Breakdown
- Cynthia Lumis to hold financial innovation caucus to educate other legislators.
- US treasury secretary open-minded to Bitcoin.
Cynthia Lumis, a pioneer Bitcoin hodler among legislators in the US, is set to float a financial innovation caucus to educate other senators on Bitcoin and other cryptocurrencies.
The senator announced this in an interview with Anthony Pompliano. The US senator expressed optimism, hoping the training would be a springboard to expose members about Bitcoin specifically and other crypto opportunities and innovations in Blockchain.
She noted that the training would first debunk false narratives about digital assets and cryptos being used for money laundering and other illegal activities. She noted the Chainalysis research which revealed that crypto crimes were small compared to criminal activities using fiat.
The US senator also claimed to have had a conversation with treasury secretary Janet Yellen recently, whose comment regarding crypto illegal financing caused concerns about incoming regulatory crackdown.
However, she played down any concerns from the crypto community, noting that the treasury secretary was very open-minded about cryptocurrencies. Cynthia Lumis also noted that it would take a lot of work to get a chance for an open dialogue on cryptocurrencies.
US senator Lumis and Bitcoin
The US senator first bought Bitcoin around year 2013/14, and has since been on the front line for the crypto to be used as a store of value.
She likens Bitcoin to a permanent mineral trust fund that she oversaw while working as Wyoming’s state treasurer during the 2000s.
According to her, these permanent minerals trust funds are soft landing when the minerals are no more as there would be revenue leftovers. She says Bitcoin reminds her of these trust funds.
She values Bitcoin more because there would be just 31 million mined and because it is a finite resource, explaining that the crypto asset, therefore, is a good store of value.
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