He also expressed happiness over the Fed’s decision not to pursue a CBDC and advocated for clear security measures for self-custodial Bitcoin wallets.
Senator Cynthia Lummis
Senator Cynthia Lummis (R-WY) claims that integrating Bitcoin into the US financial system could strengthen the US dollar and maintain its supremacy around the world.
In recent weeks, Trump has shown his strong support for the cryptocurrency industry and strongly opposed the introduction of CBDCs on privacy grounds.
She made the statement during a Fox Business appearance on July 12, where she discussed her vision for a financially sovereign America and argued for Bitcoin as a reserve asset. She said:
“Having Bitcoin in save can offer assistance the US dollar stay strong.”
US Senator Lummis Advocates Bitcoin Reserves
United States Senator Lummis is strongly against the establishment of CBDCs, seeing them as a means of government surveillance of citizens. She moreover emphasizes budgetary sway by permitting individuals to possess and oversee their possess Bitcoin wallets.
On Capitol Hill, Senator Cynthia Lummis is referred to as the “Crypto Queen” and is well-known for her pro-crypto views. In order to give the American people unfettered access to their own money, Lummis said in her most recent interview that “we want to make sure that people have individual wallets for their bitcoin.”
However, she claims that maintaining Bitcoin reserves can be extremely important to maintaining the dollar’s dominance. We want the US dollar to remain strong; that’s clear. The speaker said that the strength of the US dollar can be maintained by keeping Bitcoin in reserves.
Senator Lummis criticizes the Department of Justice
Earlier, in May, the senator attacked the US Department of Justice (DOJ) for its position on self-custody wallets in the wake of allegations of illicit money transfers against cryptocurrency mixers Tornado Cash and Samourai Wallet.
The remarks came after the DOJ arrested Samourai Wallet owners Keonne Rodriguez and William Lonergan Hill on charges of money laundering and running an unregistered money-transmitting business.
“The Justice Department’s amazingly forceful statement that non-custodial software can be considered a money transmission service is profoundly alarming to me,” Lummis said. “This position goes against common sense, current Treasury direction, and the law.”
“Protests against self-preservation software debilitate principal property rights that are imperative to being an American. I will do everything I can to fight for the right to keep your own keys and run your own node,” Lummis commented.
