US Senator Cynthia Lummis loves the fact that Bitcoin is decentralized
US Senator Cynthia Lummis loves the fact that Bitcoin is decentralized
Bitcoin

US Senator Cynthia Lummis loves the fact that Bitcoin is decentralized

By George Michael Belardinelli - 3 Oct 2022

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In a recent interview, Wyoming Senator Cynthia Lummis asserted that she loves the fact that Bitcoin cannot be stopped and that governments cannot simply confiscate crypto.

Cynthia Lummis: Bitcoin’s decentralization makes it unstoppable

“That’s why it’s really comforting for me to know that bitcoin is there,” those are the words of US Senator Cynthia Lummis of Wyoming, who recently introduced a cryptocurrency bill titled the “Lummis-Gillibrand Responsible Financial Innovation Act” drafted with Senator Kirsten Gillibrand. 

The phrase was excerpted from an interview the senator gave to Hard Money with Natalie Burnell

Lummis pointed out that in a world where the same money only buys half of the groceries, worries about the country’s debt and the family economy are the order of the day, so much so that the choice to be made is often between paying utilities or buying food and basic necessities:

“I see people in my home state of Wyoming who now go to food banks because they need fuel, need gas, to get to work and now have to choose between gasoline and expensive food, so they will go to food banks for their own. food. So when we see things that are inflationary, when we see the value of one dollar go down when you go to the supermarket and you go out with lots of food and for the same price you go out with two, we really need to look at the resources that will be there in the long run. . That’s why it’s really comforting for me to know that bitcoin is there.”

While inflation and expensive energy are far from being solved, it is also true that Bitcoin and its deflationary and third-party uncontrollable nature will not be temporary but rather is here to stay. 

In this regard, the senator stated:

“I like that it can’t be stopped mainly because I’m worried about our national debt. I’m worried about inflation.”

The security that digital gold instills is very important for various reasons, and it is especially so in countries where legality can take improper turns, such as that of expropriation of assets, homes and bank accounts should the state run into trouble

Bitcoin’s advantages in a society in crisis

Bitcoin is not controllable by states, which makes them nervous, but at the same time instills peace of mind in ordinary citizens and not just investors or traders:

“Bitcoin is something the government cannot accept. For people in foreign countries who live in very unsafe places, this is definitely a backstop and something they can comfortably go to bed in the evening and know it will be there in the morning.”

The “Lummis-Gillibrand Responsible Financial Innovation Act” drafted by the senator and her colleague Kirsten Gillibrand, proposes to implement the existing bill regulating the use of cryptocurrencies in America but does so in a deliberately over-detailed manner. 

The topic, which the senator knows is of great interest to the masses, will get people interested in the new stakes and loopholes inserted, and in the appropriate section they can post suggestions, specifications or criticisms so that they can be examined and studied in depth in order to refine the final bill with direct feedback from enthusiasts and ordinary citizens as well. 

In the words of Lummis:

“This is a very comprehensive piece of legislation, probably too comprehensive given the time remaining in 2022 for the bill to pass. But what it does is give us more time to get more input on the bill and we want to embrace it. We want people to deliver. further inputs, ideas and thoughts.”

It is a firm and open approach on the part of Wyoming senators, who are banking heavily on cryptocurrencies and Bitcoin as a tool to support the people and the state itself

George Michael Belardinelli

A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality

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