Ethereum

Bank

Bitcoin

Gary

US Senator Cynthia Lummis recently spoke in an interview about how Bitcoin could help the US dollar and stop it from crashing. She believes that having Bitcoin in the government’s reserves could help keep the dollar strong, especially as other countries try to weaken it. Lummis said: 
<blockquote>
 “Having Bitcoin in reserve can help the US dollar remain strong.”
</blockquote> 
Cynthia is a known supporter of Bitcoin. After the interview, she went on Twitter to outline her agenda. 
This includes rejecting retail Central Bank Digital Currencies (CBDCs), supporting protections for self-custody Bitcoin wallets, and restoring the dollar’s dominance. 
The politician said she was pleased with the Federal Reserve’s decision not to pursue a CBDC. She thinks these digital currencies could be used for government surveillance on citizens, and financial freedom is everyone’s right.&nbsp; 
<blockquote>
 “We want to make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”
</blockquote> 
Cynthia has been pushing for policies that protect individual financial freedom for years. She has advocated for clear regulations from the SEC, which continues to come after crypto for all its got. 
<figure id="attachment_554676" aria-describedby="caption-attachment-554676" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-554676 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-00.37.26.jpg" alt="Senator Lummis says Bitcoin could save the US dollar" width="1193" height="1142" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-00.37.26.jpg 1193w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-00.37.26-300x287.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-00.37.26-768x735.jpg 768w" sizes="(max-width: 1193px) 100vw, 1193px">
 <figcaption id="caption-attachment-554676" class="wp-caption-text">
 Source: <a href="https://x.com/SenLummis/status/1811747346172248262" rel="nofollow" target="_blank">Cynthia Lummis</a>
 </figcaption>
</figure> 
Meanwhile, Bitcoin and Ethereum were recently classified as digital commodities by the Commodity Futures Trading Commission (CFTC). 
This classification was confirmed by an Illinois court and CFTC Chairman Rostin Behnam said that 70-80% of assets in the crypto market are non-securities.&nbsp; 
This goes against SEC Chair Gary Gensler’s claim that most cryptocurrencies are securities. Behnam told the Senate that blockchain is a unique technology that needs new approaches to cybersecurity and operational resilience.&nbsp; 
He revealed that nearly half of the cases on the CFTC enforcement docket involve crypto. The lack of proper jurisdiction and funding to regulate the crypto market effectively in its largest market is a big concern.&nbsp; 
Congressman Cory Booker criticized Congress for not acting quickly enough. He pointed out that the SEC and CFTC are left to manage the growing crypto market on their own. Booker called for swift action to protect investors from financial abuse.

Senator Lummis says Bitcoin could save the US dollar

Cryptopolitan_News

Other articles published on Jul 12, 2024

SHIB Price Struggles To Keep Up, More Downside Incoming?

Filecoin Price Prediction for Today, July 12 – FIL Technical Analysis

BREAKING! Germany Has No Bitcoin (BTC) Left to Sell!

Bonk (BONK) Faces Strong Resistance at $0.00002680: Will It Break?

Ascend with MOONHOP: Eclipse Ethereum's Uncertainty and Harness BlockDAG's Revolutionary Rise

SEC eases crypto reporting rules for banks and brokerages

Join our free newsletter for daily crypto updates!