Bitcoin

Senator Lummis Still Welcomes Bitcoin in Retirement Plans

Senator Lummis Still Welcomes Bitcoin in Retirement Plans

Cynthia Lummis. Photographer: Caroline Brehman/CQ Roll Call/Bloomberg

Senator Cynthia Lummis still welcomes Bitcoin in retirement plans despite the crypto winter and the collapse of the FTX crypto exchange. She is one of the few American politicians who openly support the widespread adoption of the cryptocurrency.

The crypto winter, and calls from other senators to ban Bitcoin from retirement plans, have not swayed the pro-crypto U.S. senator’s resolve. Cynthia Lummis remains steadfast in her support for Bitcoin as part of diversified retirement plans despite contrary calls from her Senate colleagues. Lummis is one of the few openly crypto-friendly politicians in the U.S., and along with Senator Kirsten Gillibrand, has particularly pushed for progressive regulation of crypto.

Speaking to online news outlet Semafor (via Cointelegraph) on Dec. 12, Lummis noted that the crypto winter has not shaken her resolve on BTC and that she still would like the asset to be included in U.S. 401(k) pension plans:
“I'm very comfortable with making sure that people can include Bitcoin in their retirement funds because it's just different than other cryptocurrencies.”

“I personally believe that because there are only going to be 21 million Bitcoin that are mined, that Bitcoin will go up,” Lummis said, adding that it's “a personal belief, just based on its scarcity.” But the “jury's still out on other cryptocurrencies,” the senator said.

The crypto winter and the recent crash of the FTX cryptocurrency exchange seem to have had an impact on Lummis' overall outlook. Her current view is slightly different from what she originally laid out regarding retirement plans back in June 2021.

“I’d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act,” Lummis said.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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Article edited by @SmokeyShorts; follow him on Twitter

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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