In spite of her concern for Bitcoin in retirement plans, Senator Cynthia Lummis still considers the technology to be very safe. The pro-crypto Senator seems steadfast in his resolve to ban Bitcoin in retirement plans in spite of calls from other senators who have called for its banning.
Still Supporting the Crypto
A few months ago, Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., released a letter in which they- said in a CNBC interview that more Americans should feel comfortable investing their retirement funds in Bitcoin if that is what they want.
A third of the value of all crypto has fallen over the past few weeks, and the value of all crypto is now 70 percent below its peak. At the same time, the market has been roiled by panics and scandals. However, what about Lummis? The advice she gave about saving money is not something she regrets.
During her conversation with Semafor, she said:
“I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies.”
A crypto evangelist on Capitol Hill, Lummis is one of the most prominent figures in the crypto space. According to her financial disclosures, she holds somewhere between $100,000 and $350,000 in tokens, and she has shown support for the industry by adding laser eyes to her Twitter avatar in order to demonstrate her love for it.
During this year, Lummis’ faith in Bitcoin [BTC] landed her in conflict with the Department of Labor when the agency warned against Fidelity’s plan to let clients invest their 401(K) savings in crypto, which Lummis supported. Her appearance on CNBC was set against this backdrop.
Lummis stated at the time that he believed the Labor Department was the wrong department to make such a recommendation, insisting that bitcoin should be an important component of a well-diversified portfolio.
While Lummis said, she intends to reintroduce the bill in January with just “minor changes,” such as clarifying the definition of terms like “digital assets,” despite all of the recent market turmoil. After receiving concerns from the SEC about certain “unintended consequences,” she plans to meet with them soon.
However, the Wyoming Republican believes that the current bill would have prevented FTX’s implosion by adding a layer of regulation to the market and avoiding implosion.
Some regulators and decision-makers have still expressed a positive view of cryptocurrencies following the recent comments made by a US senator. People like these can play a key role in making the adoption of this technology more widespread in the world. However, there are still many more people who need to be made aware of the industry as a whole.