{"id":310778,"date":"2021-07-29T04:26:23","date_gmt":"2021-07-29T01:26:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/massive-government-spending-accelerating-crypto-adoption-sen-cynthia-lummis\/"},"modified":"2021-07-29T04:26:23","modified_gmt":"2021-07-29T01:26:23","slug":"massive-government-spending-accelerating-crypto-adoption-sen-cynthia-lummis","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/massive-government-spending-accelerating-crypto-adoption-sen-cynthia-lummis\/","title":{"rendered":"# Massive government spending accelerating crypto adoption: Sen. Cynthia Lummis"},"content":{"rendered":"<p>&#8220;<strong># Massive government spending accelerating crypto adoption: Sen. Cynthia Lummis <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNTljOWI4ZDUtYTE4MS00ZDUxLTliMzMtZDQ3ZTUyOTFjYzdmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Republican Senator and Bitcoin proponent Cynthia Lummis said that massive government spending is accelerating crypto adoption. <\/p>\n<p>Lummis made the comments while sharing an interview she did with \u201cVarney &amp; Co\u201d on the Fox Business cable network on July 29, in which she called for a crypto regulatory sandbox and support to attract Bitcoin miners to set up in US states.<\/p>\n<p>On <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> she <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CynthiaMLummis\/status\/1420459102220791814\">stated<\/a> that \u201cbig gov\u2019t spenders are (accidentally) doing far more to accelerate the adoption of digital assets than I am,\u201d and asserted that the debasement of the U.S. dollar is driving citizens to store value in digital assets such as Bitcoin. Not that this was necessarily a good thing: <\/p>\n<blockquote><p>\u201cBUT spending America deeper into a hole is a stupid, inflationary &amp; altogether undesirable way to drive ppl to digital assets.\u201d<\/p><\/blockquote>\n<p>\u201cI want USD to continue as the world&#8217;s reserve currency. We need to reign in spending &amp; support financial innovation on US soil,\u201d she added. <\/p>\n<p>During the cable TV interview, Lummis gave her thoughts on the July 27 hearing held by the Senate Banking Committee regarding the risks of crypto and offered views on the regulatory landscape moving forward. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Senate Banking Committee held a hearing about the risk in the Crypto market &#8211; what form of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> regulation could we see going forward? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CynthiaMLummis?ref_src=twsrc%5Etfw\">@CynthiaMLummis<\/a> is on that committee &#8211; she joins us to explain what regulation she&#8217;s hoping to see for the cryptos! <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/VarneyCo?src=hash&amp;ref_src=twsrc%5Etfw\">#VarneyCo<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/7Bb8uWJPym\">pic.twitter.com\/7Bb8uWJPym<\/a><\/p>\n<p>\u2014 Varney &amp; Co. (@Varneyco) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Varneyco\/status\/1420443939220377602?ref_src=twsrc%5Etfw\">July 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Senator emphasized that the first step should be \u201cgood solid definitions\u201d that are agreed upon in legislation and called for\u00a0 \u201ca regulatory sandbox where everyone understands the rules, but innovation can still occur unrestricted.\u201d <\/p>\n<p>Lummis stated that \u201cwe wanna make sure that Bitcoin can continue to serve as a good store of value,\u201d and she <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears view the asset primarily in that way. However, she did also note that if the U.S. were to follow El Salvador\u2019s route and make BTC legal tender, it would need to be regulated under the bank secrecy act, anti-money laws and in a way that it can be \u201cferreted out\u201d if it\u2019s used illegitimately. <\/p>\n<p>The Bitcoin proponent also said she wants to see the U.S. welcome and support crypto miners that are flocking to the country following the Chinese mining ban:<\/p>\n<blockquote><p>\u201cWe wanna make sure that these miners [&#8230;] can come to places like Pennsylvania, Texas, Wyoming and elsewhere. Where they can get the energy to mine it and then once it&#8217;s produced that it can be on the blockchain in a way that enhances the non-fiat currency advantages that cryptocurrency has.\u201d <\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Law professor calls for crypto mining regulation during US Senate hearing<\/em><\/strong><\/p>\n<p>Lummis is a Bitcoin hodler who previously stated that she was excited to buy the dip in June, and has advocated for holding BTC as part of a retirement diversification strategy. However, her pro-crypto sentiments were not <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.banking.senate.gov\/newsroom\/majority\/brown-cryptocurrencies-put-americans-hard-earned-money-at-risk\">shared<\/a> by Democrat senator Sherrod Brown and others during the Senate Banking Committee\u2019s recent hearing. <\/p>\n<p>\u201cAfter a decade of experience with these technologies, it seems safe to say that the vast majority haven\u2019t been good for anyone but their creators,\u201d Brown said in his opening statement. <\/p>\n<blockquote><p>\u201cThey claim to enable \u2018transparency.\u2019 Their backers talk about the \u2018democratization of banking.\u2019 There\u2019s nothing \u2018democratic\u2019 or \u2018transparent\u2019 about a shady, diffuse network of online funny money.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/massive-government-spending-accelerating-crypto-adoption-sen-cynthia-lummis\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Massive government spending accelerating crypto adoption: Sen. Cynthia Lummis &#8221; Republican Senator and Bitcoin proponent Cynthia Lummis said that massive government spending is accelerating crypto adoption. Lummis made the comments while sharing an interview she did with \u201cVarney &amp; Co\u201d on the Fox Business cable network on July 29, in which she called for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":310779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNTljOWI4ZDUtYTE4MS00ZDUxLTliMzMtZDQ3ZTUyOTFjYzdmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74989,74858,79786,76153,75582,75269,70551,70934,70289],"class_list":["post-310778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-mining","tag-bitcoin-regulation","tag-digital-asset","tag-dollar","tag-fiat-money","tag-us-government","tag-inflation","tag-regulation","tag-senate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/310778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=310778"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/310778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/310779"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=310778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=310778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=310778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}