In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation. Shortly after, the politician linked the interview to a tweet, where she asserted that massive government spending in the pandemic has accelerated the adoption of digital assets.
The senator also expressed her own interest in Bitcoin as a store of value and highlighted that regulators must ensure that the currency remains instrumental for this purpose. But she pointed out that if the US were to approach the flagship crypto as a legal tender, like El Salvador, then the asset must comply with the bank secrecy act and anti-money laundering laws.
Unlike some Bitcoin maximalists who favor “hyperbitcoinization”, senator Lummis is a strong supporter of the USD as a reserve currency. Following her television interview, she posted a tweet alleging that government spending has “debased” the dollar and hastened the adoption of virtual currencies. She also suggested that this is the worst way to push people towards digital assets.
According to senator Lummis, the government must limit its spending to protect the status of the dollar. She stated: