Cynthia Lummis, a US Senator from Wyoming, has said that it would be a “great idea” for the US Federal Reserve to buy Bitcoin.
The United States Senator for the state of Wyoming, Cynthia Lummis, has been a long-standing supporter of the crypto ecosystem. In fact, in December 2021 she announced that this year she will present a Bitcoin Law project for the US. She is also a buyer of the cryptocurrency.
Now he goes for more. The senator recommended to the Federal Reserve what should i keep Bitcoin on your balance.
Speaking at a panel organized by the Orrin G. Hatch Foundation yesterday, Lummis said referring to the Federal Reserve buying Bitcoin: “To be honest, I think it’s a great idea” as it has more than USD $40 billion in dollar reserves. Lummis was responding to a question from panel moderator Matt Sandgren, CEO of the Hatch Foundation, who introduced the panel on the future of the crypto economy.
“Once there is a legal and regulatory framework, it will make a lot of sense,” Lumis said. “The fact that Bitcoin is completely decentralized is going to make it more ubiquitous over time, and I think that will be something that the Fed should keep on its balance sheet“.
You can see the video of the event here:
For his part, Randal Quarles, former vice president of supervision of the Federal Reserve, was also present on the panel, but he is not so optimistic and does not believe that the US central bank will add Bitcoin to your balance sheet in the short term.
“For many political and economic reasons, I think it’s better to keep the Fed’s balance sheet, which is not the current one, but needs to move more in that direction, entirely Treasury bonds,” said.
Learn from the son-in-law
Lummis revealed on panel that his son-in-law taught him how to shop Bitcoin. As for how she first got involved in cryptocurrencies, Lummis said her previous job as Wyoming’s treasurer had her exploring a mix of assets, some that could have generated short-term income and others that represented a store of value, and That’s when he learned more about bitcoin and saw it as a store of value.
“Bitcoin is digital gold. It is strong money. Only 21 million will be produced”he said at the panel.
Lummis also believes that traditional banks will eventually integrate Bitcoin and other digital assets in their offerings and will establish cryptocurrency divisions.
He also touched on the crypto bill he is working on:
“This bill can be logically divided into about five or six parts that are independent,” Lumis said. “We are working with other Senate offices in both parties to see who is interested in working on the banking component, the privacy component, the consumer protection component of this legislation.”
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