US Sen. Cynthia Lummis: Bitcoin Reserve Can Keep Dollar Strong

Bitcoin Cynthia Lummis

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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July 11, 2024

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United States Senator Cynthia Lummis (R-WY) says maintaining Bitcoin in reserve could support the strength of the U.S. dollar.

In a July 12 TV interview with Fox Business, Senator Lummis advocated for Bitcoin as a reserve currency.

“We know we want the US dollar to remain strong,” she said. “And actually having Bitcoin in reserve can help the US dollar remain strong.”

Senator Cynthia Lummis: “Having #Bitcoin in reserve can help the US dollar remain strong.”

pic.twitter.com/iClTXLKITj

— Rhino Bitcoin App (@RhinoBTCapp) July 12, 2024

No to CBDC and Yes to Bitcoin Wallets

Lummis also acknowledged the importance of having independent cryptocurrency wallets while opposing the launch of a central bank digital currency (CBDC).

“No central bank digital currency – I’m so happy about that cause that’s a means of surveillance of the American people,” stated Lummis. “But we want to make sure people can have individual wallets for their Bitcoin, so they have that sovereign over their own money.”

Senator Lummis Criticizes DOJ

Previously, the Senator criticized the U.S. Department of Justice (DOJ) in May for its stance on self-custody wallets, following charges against crypto mixers Tornado Cash and Samourai Wallet for unlicensed money-transmitting.

This statement came after the DOJ arrested Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill on money laundering charges and operating an unlicensed money-transmitting business.

“I am deeply troubled by the Department of Justice’s hyper-aggressive argument that non-custodial software can constitute a money transmission service,” said Lummis. “This stance contradicts existing Treasury guidance, common sense and violates the rule of law.”

“Arguments against self-custody software threaten the fundamental property rights that are core to being an American. I will do everything I can to fight for your rights to hold your own keys and run your own node,” stated Lummis.

Born in 1954, Cynthia Lummis served as a member of the U.S. House of Representatives from Wyoming’s at-large district and has been a senator since 2021. Lummis is widely known for her pro-crypto stance.