The US Senator in favor of cryptocurrencies Cynthia Lummis has stood firm in her support for bitcoin (BTC) as part of diversified retirement plans, despite calls against her fellow Senate members.
Nowadays, Lummis appears to be one of the few openly pro-crypto politicians in the United States and has notably lobbied for progressive crypto regulation alongside Senator Kirsten Gillibrand.
Speaking to the online news outlet Semafor on December 12, Lummis noted that the crypto winter has not shaken his resolve regarding BTC and that he would still like to see the asset included in America’s 401(k) retirement plans:
“I feel very comfortable making sure that people can include bitcoin in their retirement funds because it is different from other cryptocurrencies.”
“I personally believe that since only 21 million bitcoin is going to be mined, the cryptocurrency will go up,” Lummis said.adding that it is “a personal belief, only on the basis of its scarcity.”
But the “jury is still out on other cryptocurrencies”, said the senator.
These comments are a slightly different stance than what Lummis initially outlined on retirement plans in June 2021.
At the time, she had endorsed the listing of certain other cryptocurrenciesbut it seems that the crypto winter and the recent FTX debacle may have slightly changed their views.
“I would also like to see individuals be able to use bitcoin and cryptocurrencies of their choice that are secure, have cleared the hurdles of anti-money laundering and the Bank Secrecy Act,” Lummis said.
On the other hand, in the Capitol, Senators including Elizabeth Warren, Tina Smith and Richard Durbin have taken advantage of recent market turmoil to reiterate their calls for Fidelity Investments to withdraw its BTC-linked 401(k) retirement product.
In a November 21 letter to Fidelity CEO Abigail Johnson, all three senators highlighted the FTX debacle as a major reason for not offering BTC exposure in retirement plans.
“As with all financial products, price fluctuations are an expected feature of the market, and it is absurd to believe that setbacks in an industry are an indication that it is not going to experience long-term growth,” said Jonah Allon, Adams’ press secretary.
Other Senators Have Criticized Crypto Lately: Jon Tester stated earlier this week that he sees “no reason why” cryptocurrencies should exist at all and Warren enthusiastically stated that “there are finally more people blowing the fucking whistle.”
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