The last time I spoke to Cynthia Lummis in November 2020, she was just the first woman elected to represent Wyoming in the U.S. Senate. And she had just become the most outspoken bitcoiner ever to be elected to this office.
“Our own currency is intended to give, give or take about 2% a year,” she told me at the time. “Bitcoin naturally doesn’t do that. For those of us looking for a variety of ways to protect ourselves financially, be it in the stock market … or through something that stores value, something that is scarce like Bitcoin, you want to have a varied mix. and I firmly believe that Bitcoin belongs in that mix. “
Now, five months into her Senate tenure, Lummis has had the opportunity to work with her peers to find out how Bitcoin fits into the country’s portfolio and future plans.
“We are launching the Financial Innovation Caucus on May 26th, and I am delighted to see the strong, non-partisan group of senators who have signed this caucus,” Lummis said in a recent interview. “I also had a number of productive and encouraging conversations with the Biden administration officers at the major agencies that regulate digital assets like Bitcoin. This area is new and unknown and my team is working with them to bring digital assets into the American financial system. “
For example, it sponsored an amendment to the Endless Frontier Act that added blockchain technology to a list of technology-focused priorities for federal strategies.
I think the more the US does research on distributed ledger technology, the more people will see its incredible potential, ”said Lummis. “I only see positive results here from more research and understanding.”
Of course, the first few months of Lummis’ tenure were marked by the election of Joe Biden, new hires to the country’s financial regulators, and aggressive economic incentive laws. Given that Lummis has long been concerned with dollar inflation, so far she has cut her work out for them.
“My primary focus is working with the Federal Reserve, the Securities and Exchange Commission, and others to ensure that regulations for new types of banks and digital assets encourage, rather than stifle, innovation,” said Lummis. “I’ve been an opponent of excessive government spending for a long time, and that hasn’t changed. This was one of the main reasons why I spoke out against the American rescue plan, for example. I will continue to do so as I maintain relationships with the Biden Administration agents at these regulators. “
Lummis will take the stage at the upcoming Bitcoin 2021 conference with fellow Congressman Warren Davidson to discuss these efforts and the future of Bitcoin in relation to the US government.
“Warren and I worked together in the US house,” said Lummis. “The congressional calendar is very busy and I look forward to a long overdue and uninterrupted conversation with him about how we can work together to bring the US financial system into the 21st century.”
Most recently, I had to talk to Lummis about a brave proposal that came up in our last conversation: She mentioned that the pension fund of the federal postal workers should be one of the first federal funds to invest in Bitcoin.
Has Lummis made progress in getting U.S. postal workers up to a Bitcoin standard?
“Ha! Right now we’re focusing on education, but if you look at Florida there is a certain mayor down there who wants to enable city workers to get their salary in Bitcoin, which is an innovative place to start,” replied Lummis and Referring to Miami Mayor Facis Suarez’s work, “Good government experimentation often leads to federal policy, so we’ll see where his efforts end.”
Lummis will continue to build on her progress so far and future plans to introduce Bitcoin to her U.S. government colleagues during the Bitcoin 2021 conference in Miami on June 4th and 5th. Make sure you set a reminder for the Bitcoin 2021 YouTube live stream on the first day and one for the Bitcoin 2021 day two YouTube live stream now.