{"id":168477,"date":"2021-02-02T04:45:06","date_gmt":"2021-02-02T01:45:06","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/senator-to-launch-financial-innovation-caucus-to-educate-lawmakers-on-crypto\/"},"modified":"2021-02-02T04:45:06","modified_gmt":"2021-02-02T01:45:06","slug":"senator-to-launch-financial-innovation-caucus-to-educate-lawmakers-on-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/senator-to-launch-financial-innovation-caucus-to-educate-lawmakers-on-crypto\/","title":{"rendered":"# Senator to launch Financial Innovation Caucus to educate lawmakers on crypto"},"content":{"rendered":"

“# Senator to launch Financial Innovation Caucus to educate lawmakers on crypto <\/strong>”
\n<\/p>\n

Senator Cynthia Lummis, the first senator in the history of the United States to own Bitcoin, has revealed plans to launch a Financial Innovation Caucus to educate her fellow senators on cryptocurrency and digital assets.<\/p>\n

App<\/a>earing on Anthony Pompliano\u2019s podcast on Feb. 2, Lummis announced<\/a> her intention to establish the caucus, stating:<\/p>\n

\u201cWe hope to use it as a springboard to educate members of the U.S. Senate and their staff about Bitcoin specifically, but about other opportunities for cryptocurrency and financial innovation and blockchain.\u201d<\/p><\/blockquote>\n

Lummis stated the caucus will first work to fight the false narrative about digital assets and crypto being used for money laundering, noting that research from blockchain forensics firm Chainalysis indicates \u201ccryptocurrency-related crime is smaller than criminal activity with cash.\u201d<\/p>\n

Lummis noted she recently spoke with treasury secretary Janet Yellen \u2014 whose recent comments regarding the use of crypto in illicit financing caused concerns regarding an incoming regulatory crackdown to reverberate across the crypto-sphere.<\/p>\n

Lummis sought to quell concerns about Yellen, describing the treasury secretary as having \u201can open mind\u201d about crypto. However, the senator stated: \u201cIt\u2019s going to take a lot of work to get to where we can have an open dialogue that is free from the clutter of seeing this knee-jerk reaction to the concern that all crypto is subject to criminal activity.\u201d<\/p>\n

\u201cCrypto regulations need to leave room for innovation.\u201d<\/p><\/blockquote>\n

Senator Lummis purchased Bitcoin during 2013 and 2014, and has since touted Bitcoin\u2019s utility as a store of value. She likened Bitcoin to the permanent mineral trust fund that she oversaw while working as Wyoming\u2019s state treasurer during the 2000s.<\/p>\n

\u201cI was state treasurer in Wyoming during the first part of the 21st century so I was always looking for a store of value. We have in Wyoming permanent funds that are based on extracting minerals and oil and gas from the ground. We take a severance tax […] from minerals and invest it in a permanent fund,\u201d she said.<\/p>\n

\u201cThe concept of that permanent mineral trust fund is that when the minerals are gone we will still have revenue left over because we invested the proceeds and continued to invest them in a diversified asset allocation […] Bitcoin reminded me of our permanent mineral fund.\u201d<\/p><\/blockquote>\n

\u201cThere will only be 21 million Bitcoin mined, and because it is a finite resource, I see it as a very good store of value,\u201d Lummis concluded.<\/p>\n