US Senator Cynthia Lummis Says Huge Government Spending Is Boosting Cryptocurrency Adoption

Cynthia Marie Lummis is a United States Senator who represents the Republican Party in Wyoming. Recently, she has stated that due to increased government spending and heightened inflation, the overall adoption of various digital assets such as crypto has significantly increased as of late. Cynthia has been a proponent of Bitcoin (BTC) for some time, and she believes that this kind of substantial government spending shall go a long way towards speeding up cryptocurrency adoption.

The Senator had expressed these views earlier today during an interview on Fox Business with ‘Varney & Co.’ In the interview, she had claimed that a cryptocurrency regulatory sandbox is needed and that BTC miners need to be lured into the United States following the shutting down of Bitcoin mining in China not too long ago which had caused all of the miners to actively flee the country and set up shop elsewhere.

People are being driven toward crypto adoption

Cynthia tweeted that in actuality, the big government spenders tend to indirectly do more to help accelerate crypto adoption than anything else and that it is largely because the United States dollar is rapidly being debased that the American citizens are gradually being driven away from the traditional USD and are beginning to use digital assets like crypto as stores of value. She does not believe that this is beneficial, however, as the Senator insists that while the crypto industry has its own problems and difficulties, pushing the U.S further into the hole that it has dug itself into is beyond undesirable, inflationary, and foolish, which ends up causing the aforementioned acceleration of people adopting crypto instead.

Cynthia wants the dollar to remain as the dominant global reserve currency, and so spending will need to be reined in, and financial innovation in the U.S would have to be supported, she exclaimed.

The future of the regulatory landscape

While participating in the abovementioned interview, Cynthia shared her opinions on how the regulatory landscape could look like going forward. She highlighted that before doing anything else, the very first step must be to generate ‘usable and solid definitions,’ which would be agreed upon by everyone as far as legislation goes. She also called for the previously mentioned regulatory sandbox wherein the rules will be understood and thoroughly administered. However, innovation would remain unrestricted.

The Senator herself is a BTC holder and wants the flagship crypto to become a desirable and functional store of value. Not everyone agrees with this, however, as Sherrod Brown (a Democrat Senator) believes that cryptocurrencies only exist to mainly benefit the creators and not the vast majority.