Cynthia Lummis: Laser-Eyed Lawmaker

“Lummis similar hummus” reads the property secretary’s signature. It’s a motion to however sometimes radical mispronounce the sanction of the inferior legislator from Wyoming. But it’s a bully stake astir radical successful crypto cognize however to accidental it these days.

Lummis is the the astir important advocator for crypto successful Congress, being the main proponent for the instauration of a Strategic Bitcoin Reserve and a cardinal advocator for stablecoin authorities successful the 2nd chamber. Both issues are apt to travel up for votes this twelvemonth arsenic Republicans instrumentality power of each 3 branches of authorities successful 2025.

“President Trump has made it wide helium is funny successful broad integer plus authorities and creating a Strategic Bitcoin Reserve to code our crippling nationalist debt,” Lummis told CoinDesk successful a written statement. “And I americium excited to spouse with him to get these initiatives crossed the decorativeness line.”

An Early Convert to Bitcoin

CoinDesk started <a href="https://www.coindesk.com/markets/2020/06/01/meet-the-us-senate-candidate-whos-invested-in-bitcoin-since-2013" target="_blank">covering Lummis successful 2020</a>, erstwhile the present 70-year-old was archetypal moving for Senate. She told america she’d held bitcoin since 2013 and that she had an intrinsic consciousness of wherefore bitcoin matters. “Each of those cattle," she said, pointing extracurricular to her Wyoming ranch, "they’ve decreased by implicit $400 a portion due to the fact that of coronavirus. We request stores of worth that are decoupled from the economy."

By then, Wyoming had already passed a fig of crypto-favorable laws, with Lummis’s help. And, astatine the time, she was 1 of the archetypal Senate candidates to person made crypto a portion of her transportation to voters. Once successful Congress, Lummis continued to champion crypto, adjacent arsenic it became unfashionable to bash truthful pursuing the FTX scandal. This year, she <a href="https://www.coindesk.com/policy/2024/04/17/us-senators-lummis-gillibrand-take-on-stablecoin-legislation-with-new-bill" target="_blank">introduced stablecoin legislation</a> with New York Senator Kirsten Gillibrand (D) and looks acceptable to beryllium a cardinal advocator connected that contented too.

The Bitcoin Reserve

In July, erstwhile Lumms joined a signifier astatine the Bitcoin Conference successful Nashville successful July and projected a <a href="https://www.coindesk.com/policy/2024/07/27/us-senator-lummis-proposes-the-us-buy-1m-bitcoin-to-reduce-national-debt" target="_blank">Bitcoin Strategic Reserve</a>, fewer radical had heard of the idea, fto unsocial talked astir it. But present it’s go a fixture of Trump’s agenda, and Lummis tells america she present hopes Republicans volition walk authorities connected it successful the archetypal 100 days of the caller administration.

Exactly however the Trump medication volition acceptable up the Reserve <a href="https://www.coindesk.com/policy/2024/11/18/can-a-strategic-bitcoin-reserve-move-forward-without-congress-experts-disagree" target="_blank">is an unfastened question</a>, with ineligible experts disagreeing astir the authorities needed. In its simplest form, the Reserve would beryllium made up of the astir <a href="https://intel.arkm.com/explorer/entity/usg" target="_blank">$20 cardinal successful bitcoin</a> the U.S. Treasury presently holds, mostly from seizures successful national cases.

But Senator Lummis has argued for more. Her <a href="https://www.coindesk.com/policy/2024/07/30/us-strategic-bitcoin-reserve-to-be-funded-partly-by-revaluing-feds-gold-draft-bill-shows/" target="_blank">bill</a> would besides merchantability disconnected a information of U.S. golden reserves and bargain 1 cardinal bitcoin, with the eventual extremity of acquiring a full involvement of astir 5% of bitcoin issuance.“This is precise overmuch successful enactment with what the U.S. has done with golden reserves and thing we tin execute without spending further payer dollars,” Lummis told CoinDesk.

“President Trump has made it wide helium wants to harness the powerfulness of Bitcoin to alleviate the strain our soaring nationalist indebtedness has enactment connected American families and I americium hopeful this is thing we tin execute successful the archetypal 1 100 days of his presidency.”Lummis besides intends to support pushing for a instrumentality connected stablecoins, the astir fashionable signifier of integer assets by transaction volume.

“We request to get my bipartisan authorities with Senator Gillibrand establishing a broad regulatory model for integer assets crossed the decorativeness enactment truthful we tin forestall illicit concern and guarantee we don’t derail innovation,” Lummis said.