Well-known Bitcoin supporter, US senator Cynthia Lummis, made remarkable statements about Bitcoin and cryptocurrencies in her post after the US published its report on stablecoins.
Lummis, on CNBC’s Squawk Box, said that Bitcoin is a decentralized commodity, but other crypto assets act like securities.
Lummis, one of the foremost advocates of Bitcoin, expressed his confidence that Bitcoin is viable for the long term, expressing that he sees Bitcoin as digital gold.
Lummis said that other cryptocurrencies do not have the same power as Bitcoin:
“I think Bitcoin is here to stay, but most other cryptocurrencies won’t. Bitcoin is a standard and a decentralized asset. Other crypto assets are created by a person or organization, unlike Bitcoin.
The pump and dump wave of cryptocurrencies other than Bitcoin is part of what pushed them into the securities space. Therefore, it should be viewed differently.”
Saying that Bitcoin is clearly a commodity, the Wyoming senator continued to argue that a regulatory framework should be legally established that would not hinder Bitcoin innovation.
Pointing out that the USA is facing inflation, Lummis said, “Inflation is advancing at full speed. It is not temporary.” said.
Finally, stating that he understands the difference between Bitcoin and other cryptocurrencies, the senator said that Bitcoin, not cryptocurrencies, is a basic guarantee.
SEC Chairman Gary Gensler recently warned investors that many cryptocurrencies are securities. After Gensler, a senator who supports cryptocurrencies seems to support this view, which does not seem very heartwarming for altcoins.
*Not Investment Advice.