U.S. Republican Senator Cynthia Lummis of Wyoming recently discussed the importance of Bitcoin for U.S. national and energy security, as well as the upcoming legislation surrounding cryptocurrency, blockchain, and related technologies. Lummis described regulating Bitcoin and related technologies as a national security issue. She expressed concerns on increasing the debt ceiling and its impact on U.S. national defense, stating that Bitcoin could act as a decentralized safety net for citizens.
The senator identified the current difficulties in passing Bitcoin-friendly bills as a result of ignorance and lack of education more than concerns based on reality. Senator Lummis, alongside junior New York senator Kristen Gillibrand, hopes to draft a comprehensive cryptocurrency legislative measure that could garner support for positive change in the cryptocurrency landscape.
Perianne Boring, founder and CEO of Chamber of Digital Commerce, shifted the conversation to mining, pointing out that her company’s membership includes over 50% of the Bitcoin hashrate in the U.S. Many of her clients are concerned about the proposed 30% mining tax introduced by the White House. However, Senator Lummis assured the audience that the tax would not be implemented and that several members of Congress are working with the digital assets community to ensure fair regulation.
Highlighting the role of Bitcoin mining in environmental sustainability, Lummis explained how mining can help prevent methane gas from being released into the atmosphere. Furthermore, she stated that Bitcoin mining could be used as a tool to stabilize the energy grid. The senator believes that concerns regarding criminal activities and cryptocurrencies have held the U.S. government back from pushing Bitcoin technologies.
Senator Lummis is working on educating members of Congress about the potential of companies like Chainalysis in solving crimes with the use of Bitcoin and cryptocurrencies, stating that these solutions could be more effective compared to traditional methods using U.S. dollars. In conclusion, embracing Bitcoin and related technological innovations in the U.S. brings a lot of potential to national security, environmental sustainability, and the overall advancement of the rapidly emerging world of digital currencies.
Source: Cointelegraph
