In January, the new Congress is set to take its place in the State Capitol. No doubt cryptocurrency will be on the to-do list for many members of the Continental Congress, but how far will they get when it comes to etching out correct legislation to get the country on the right track? Well, granted they all behave like Senator-elect Cynthia Lummis of Wyoming, perhaps we can potentially get a few things done.
Lummis Is Looking to Make Crypto a Prime Topic
Lummis is a Republican from the Cowboy State. She is set to take her seat in about one month and begin her journey towards making America all it can be. As we’ve witnessed in the past, Congress often takes its time when it comes to ensuring the American people have what they need to survive. The second stimulus talks have dragged on and on for months, and thus far, there is no end in sight. Are the American people going to get their money?
This is just one of the many questions that are likely going through people’s heads at the time of writing. For crypto fans, there is a large multitude of questions that require answers, some big ones being, “When are crypto regulations going to get clarified? Will crypto become a mainstream form of money? How big will things get in the United States?”
Lummis is planning to address all these issues in the next few weeks and deliver swift action so traders can get the data they need. In a recent interview, she explained that bitcoin is a great store of value and she’s going to attempt to teach her fellow members of Congress how blockchain technology can be used to potentially bring an end to the many problems witnessed with standard forms of finance.
Fixing the National Debt
In addition, she’s confident bitcoin can be used to fix the country’s national debt problem, which she says is getting bigger every day. She states:
I see the alternative half as bitcoin because you have the ability to invest in something that has stability in the store of value… In the case of U.S. currency, inflation is baked into the Federal Reserve’s plans for the U.S. dollar. So, it’s no wonder that our buying power is eroded. People who are living off their savings in retirement have constantly eroding buying power because of inflation. That will not be the case with bitcoin. Bitcoin provides a more stable value to people who are either saving now to live comfortably in the future but also people who are on fixed income or approaching fixed income now.
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