After unveiling the first cryptocurrency bill, Cynthia Lummis, a United States senator from Wyoming, referred to Bitcoin ( BTC) as the “hardest money ever made” in just a few seconds.
Lummis stated during an interview with CNBC’s SquawkBox Show that Bitcoin offers the potential to diversify portfolios and act as a store value.
Lummis was answering a question about her position on a Labor Department move that opposed the idea of employees being able to diversify between Bitcoin and cash for retirement funds.
“If your assets are fully diversified, then you will have assets that can generate income in the short term. Bitcoin is one of those assets. She said that she believes it is some of the most difficult money ever created.
Crypto regulations can be divided
Lummis’s opposition against the department’s position on Bitcoin diversification highlights differences among U.S agencies on cryptocurrency regulation. The Federal Reserve and other institutions have expressed concern over adopting cryptocurrency. Senators are aiming to use this bill to support digital currency.
Kirsten Gillibrand, a senator from New York, cosponsored a bipartisan bill that aims to integrate cryptocurrency into the financial industry. Senators indicated that the bill would have more support as they continue to work with industry stakeholders to improve it.
Lummis pointed out that Congress must support innovation in the crypto space, as well as consumer protection. It is high time that crypto laws were introduced in the United States, as the country is a major player in the global financial market.
Clarification about digital currencies
The bill will provide a way to classify digital assets as commodities or securities, and clarify the appropriate regulatory body between the Commodity Futures Trading Commission and Securities Exchange Commission.
Senator Gillibrand, for her part, stated that the bill draft aims to bring transparency and accountability to the sector.
“The main goal of this legislation was transparency, accountability, and certainty. Regulation is essential. Consumer protections are essential. It is essential to have basic rules of the road,” she stated.
The bill will be considered by four committees in each house before it is put to the vote.