{"id":58090,"date":"2022-02-18T16:47:31","date_gmt":"2022-02-18T14:47:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=58090"},"modified":"2025-09-04T14:58:19","modified_gmt":"2025-09-04T11:58:19","slug":"senator-lummis-urges-the-fed-to-buy-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/senator-lummis-urges-the-fed-to-buy-bitcoin\/","title":{"rendered":"Senator Lummis urges the Fed to buy Bitcoin"},"content":{"rendered":"<p>Senator Cynthia Lummis of Wyoming, who represents the state in the U.S. Senate, called it a &#8220;good idea&#8221; for the <span data-descr=\"US Federal Reserve System\" class=\"old_tooltip\">the Fed<\/span> to buy Bitcoin. She said this during a discussion organized by the Orrin G. Hatch Foundation.<\/p>\n<p>According to the lawmaker, the central bank could allocate a portion of its foreign currency reserves, which are valued at more than <a href=\"https:\/\/www.federalreserve.gov\/data\/intlsumm\/current.htm\">$40 billion<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;<em>As soon as the regulatory framework is in place, it will make a lot of sense. The fact that [Bitcoin] is fully decentralised will, over time, make it more widely used. I believe the Fed should hold this asset on its balance sheet<\/em>&#8220;, \u2014 Lummis said.<\/p>\n<\/blockquote>\n<p>The senator described Bitcoin as digital gold and a &#8220;hard currency&#8221; due to its capped supply of 21 million coins.<\/p>\n<p><iframe loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/byRfAGyaFVc\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>Former Fed vice-chair for supervision Randall Quarles doubted that Lummis&#8217;s proposal would gain traction.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>For many political and economic reasons, I think this won&#8217;t happen. The Fed&#8217;s balance sheet should be formed entirely from U.S. government bonds<\/em>, \u2014 Quarles said.<\/p>\n<\/blockquote>\n<p>Lummis predicted that traditional banks would integrate Bitcoin and other digital assets into their offerings and create cryptocurrency divisions.<\/p>\n<p>The politician became <a href=\"https:\/\/u1f987.com\/en\/news\/us-lawmakers-propose-amendments-to-bipartisan-plan-for-expanded-cryptocurrency-taxation\">co-author of the amendment<\/a> to <a href=\"https:\/\/u1f987.com\/en\/news\/us-authorities-to-raise-28-billion-from-crypto-transaction-taxes\">the infrastructure bill<\/a>, the initial draft of which faced criticism from the crypto community. In December 2021 she pledged <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-senator-cynthia-lummis-to-propose-a-bill-regulating-cryptocurrencies\">to draft a bill<\/a>, designed to provide clarity on the regulation of digital assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>The bill can be logically broken down into roughly five or six standalone parts. We are working with offices across both parties in the Senate to determine who is interested in refining various components<\/em>, Lummis said.<\/p>\n<\/blockquote>\n<p>Back in October 2021, the senator said that Bitcoin and other <a href=\"https:\/\/u1f987.com\/en\/news\/cynthia-lummis-bitcoin-can-help-people-preserve-their-wealth-in-a-crisis\">non-fiat currencies<\/a> could potentially help Americans and residents of other countries cope with the looming economic crisis.<\/p>\n<p>In August the politician <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-senator-cynthia-lummis-increases-her-bitcoin-holdings\">increased her holdings in the first cryptocurrency<\/a>. She first invested in digital gold in 2013.<\/p>\n<p>Earlier, the senator <a href=\"https:\/\/u1f987.com\/en\/news\/lummis-criticises-clinton-over-crypto-warnings\">criticised<\/a> Hillary Clinton for warnings about cryptocurrencies.<\/p>\n<p>Follow ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wyoming Senator Cynthia Lummis, representing the U.S. Senate, called it a &#8220;good idea&#8221; for the Fed to buy Bitcoin. She said this during a discussion organised by the Orrin G. Hatch Foundation.<\/p>\n","protected":false},"author":1,"featured_media":58091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1249,1230],"class_list":["post-58090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-federal-reserve-system","tag-us-congress"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=58090"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58090\/revisions"}],"predecessor-version":[{"id":58092,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58090\/revisions\/58092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/58091"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=58090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=58090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=58090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}