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US Senator Will Launch a Financial Innovation Caucus in Order to Educate Lawmakers on Crypto

U.S. Senator Cynthia Lummis, known for being a big supporter of Bitcoin, has declared that she has plans to launch a Financial Innovation Caucus that will educate her fellow senators on crypto and digital assets.

“We hope to use it as a springboard to educate members of the U.S. Senate and their staff about Bitcoin specifically, but about other opportunities for cryptocurrency and financial innovation and blockchain.”

She has commented that the caucus will first focus on the false idea that digital assets and crypto are mainly used for money laundering, even mentioning a study done by Chainalysis, which shows that “cryptocurrency-related crime is smaller than criminal activity with cash.”

Lummis added that she also talked with Janet Yellen, who acts as the treasury secretary. Yellen recently made comments about the illicit use of crypto, which caused many to worry about a possible regulatory crackdown.

Lummis wanted to calm people down in regards to Yellen by saying that the treasury secretary keeps “an open mind” when it comes to crypto. Then again, she also mentioned that: “It’s going to take a lot of work to get to where we can have an open dialogue that is free from the clutter of seeing this knee-jerk reaction to the concern that all crypto is subject to criminal activity.”

It is well-known that Senator Lummis bought BTC in 2013 and 2014 and considers it as a great store of value.

She concluded her statement by saying that “there will only be 21 million Bitcoin mined, and because it is a finite resource, I see it as a very good store of value.”

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