US Senator Cynthia Lummis said that Bitcoin is the only commodity, meme coins and other crypto assets are securities. He also shared his thoughts on Dogecoin and 2 popular meme coins. Here are the details…
Cynthia Lummis: Meme coins like Dogecoin, not Bitcoin
US Senator Cynthia Lummis; He does not believe that meme coins like Shiba Inu (SHIB), Floki Inu (FLOKI) and Dogecoin (DOGE) are “permanent”. He stated that Bitcoin (BTC) is the only decentralized commodity while the rest of the crypto assets act as securities. Republican Senator Cynthia Lummis said that although it garnered a lot of attention and hit all-time highs in 2021, investors should be careful when dealing with meme coins like Shiba Inu and Dogecoin.
He noted that most altcoins, including Dogecoin and its clones, were “issued by an individual or organization that later got others to join.” Stating that they are not completely decentralized, Lummis described them as securities, not commodities. It is worth noting that the American politician is one of the most outspoken Bitcoin advocates, as we have also reported as Kriptokoin.com. Therefore, he claimed that the primary cryptocurrency is BTC, which is seen as “digital gold”. He also noted that BTC is a “standard”.
Call for regulation from senator
Later, Lummis urged American regulators to implement a comprehensive regulatory framework on Bitcoin. He believes the regulation will allow further development in the digital asset space and provide protection for local investors. Senator Lummis has repeatedly shown his support for the leading cryptocurrency. Last month, he referred to the mass printing of dollars and subsequent rising inflation in the United States, saying his government was “irresponsible” for adopting such a policy.
Lummis is also a long-term Bitcoin holder, saying that in the event of the dollar collapse, “non-fiat currencies” like BTC could thrive and help the slumped economy. In June, he announced that he had purchased five BTC in 2013 when the asset was worth $300. The senator added that he has no plans to sell his stash, saying that people should buy and hold the token for hedging.
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