Wyoming Senator Cynthia Lummis will add to the Federal Reserve’s balance sheet if the top cryptocurrency gets stronger in regulation. Bitcoin (BTC) He thinks it should be included.
Lummis spoke at a webinar hosted by the Orrin G. Hatch Foundation this week and was asked for his opinion on the possibility of the Fed buying BTC.
“I honestly think it’s a great idea. If a legal and regulatory framework is established, I think it will be a very meaningful move. Being fully decentralized will make it more common over time, and I think that’s something the Fed should keep on its balance sheet.”
Senator Cynthia Lummis has been a long-time supporter of Bitcoin and digital currencies, and recently thanked God for Bitcoin as the United States Congress debated raising the debt ceiling. Lummis announced that he bought more Bitcoin in the first week of October and said he sees BTC as an “excellent store of value.”
However, another panel speaker, Quarles, did not agree with Lummis’s view, emphasizing that it is unlikely that the US central bank will add BTC to its balance sheet. “For many political, economic reasons,” Quarles said. “I think it’s best to keep it off the Fed’s balance sheet.”
During panel statements, Lummis reiterated his belief that Bitcoin is a scarce and predictable store of value. “Bitcoin is digital gold – solid money – Only 21 million will be produced,” Lummis said during the panel webinar.
Trying to establish a legal framework for crypto in the US
Lummis, who also made some statements on the regulation of cryptocurrencies, implied that a comprehensive Bitcoin and crypto money legislation will be introduced to the public soon.
“I believe you will see a really comprehensive legislative presentation in the coming weeks. We started this adventure in December by quietly sending our draft bill to regulators, members of the Bitcoin and digital asset communities in general, to get their thoughts and opinions from the community. We have received a tremendous amount of feedback and these early comments are currently [yasama] We have included it in a new draft that is being evaluated by the council.”
Lummis announced that they will soon either submit the law for a runoff interpretation or file it and receive input that way.
The senator explained that the draft bill would create a self-regulatory agency between the Securities and Exchange Commission and the Commodity Futures Trading Commission that will “make some of the first disclosures about whether something is a commodity or a security.”
Despite the Senator’s advice, the Federal Reserve announced on Friday that its top officials are no longer allowed to hold cryptocurrencies.