US Senator Wants to Educate Politicians about Bitcoin

The first-ever woman Senator elected from Wyoming, Cynthia Lummis said that she is planning to have discussions about Bitcoin with other Senators in order to increase understanding about digital assets.

Lummis expressed her views during a podcast with 'What Bitcoin Did', she added that crypto education is necessary to help the adoption of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. Lummis will assume Senate office on 3 January 2021.

She praised the role of Wyoming State in developing a regulatory framework for digital assets. “In my opinion, it should not surprise anyone that Wyoming has become the leader in policy toward BTC and creating state policies that have nurtured our ability to actually charter banks that can transact banking business in Bitcoin," Lummis added.

The newly-elected Senator mentioned that there is fear among people regarding the sovereignty of Bitcoin, but crypto education can help them understand the difference between fiat and cryptocurrencies.

Lummis criticized the role of the Government in money printing and added that inflation has been a big issue for the US Dollar in recent days as the buying power of the USD is decreasing over time.

“Inflation is terribly frustrating for the people to see their savings decrease in value, but that is not the case with Bitcoin. Bitcoin provides a more stable value to people who are either saving now to live comfortably in the future but also people who are on a fixed income or approaching fixed income now,” she mentioned.

Tyler Lindholm

Lummis announced that Bitcoin supporter, Tyler Lindholm, a member of the Wyoming House of Representatives will be joining her team as a Policy Director. Lindholm supported several crypto regulatory initiatives in the past to encourage the business of digital assets in Wyoming, including the Utility Token Act and the Digital assets-existing bill.

Finance Magnates reported earlier in November about the introduction of the Digital Asset and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Technology Act by New Jersey to provide a clear regulatory structure for crypto companies operating in the state.