Wyoming Senator Cynthia Lummis announced the launch of a Financial Innovation Forum to raise awareness about digital assets.
At such conferences, members of the U.S. Senate and politicians will learn about the features of bitcoin and other cryptocurrencies, as well as explore blockchain's use in various areas of activity. First of all, the initiative will help dispel misconceptions about cryptocurrencies, which are allegedly used only to finance terrorism and money laundering. For example, U.S. Treasury Secretary Janet Yellen fears that digital assets can be used for criminal purposes. Such sentiments of politicians may lead to even tougher regulation of the cryptocurrency industry.
Cynthia Lummis said that the main goal of the Forum is to prove to the government that their fears are unfounded. But it will take a lot of time and effort to have an open dialogue with regulators because some politicians are already upfront about their opposition to crypto-assets without even understanding how they work. That said, Lummis is convinced that fewer crimes are committed with cryptocurrencies than with cash. She believes that regulation of the cryptocurrency industry should "leave room for innovation.
Senator Lummis is known for her positive attitude toward bitcoin. She was one of the early "hodlers," buying BTC in 2013-2014. Lummis called bitcoin an effective savings vehicle because bitcoin's resources are limited to 21 million coins. The senator compared the first cryptocurrency to a mining trust fund.
"The point is that when the minerals run out, we still have money left over because we have invested the proceeds in other assets, building a diverse investment portfolio. It's the same with bitcoin," Lummis said.
Recall that in December, Lummis appointed Tyler Lindholm, known as "Cryptocowboy," as Wyoming's director of policy. Lindholm is also considered a bitcoin supporter and an advocate for the digital asset industry.