Cynthia Lummis, United States Republican Senator from Wyoming join the conversationWith Perianne Boring, founder and CEO of the Chamber of Digital Commerce, during the Bitcoin 2023 event in Miami on May 19.
The topic of discussion was the importance of Bitcoin to US national security and energy. and upcoming legislation on cryptocurrencies, blockchain, and related technologies.
Lummis explains that regulating Bitcoin and related technologies is a national security concern. She said the US government was irresponsible for its debts. and positions Bitcoin as a decentralized security network for citizens:
“I’m really concerned as we go into the debt ceiling debate again that we will eventually raise the debt ceiling to the point where our interest payments will exceed the amount we spend on defense. So it’s a national security issue.”
The senator made it clear that it is her belief that the current challenges surrounding the passage of a Bitcoin-friendly bill have more to do with what she sees as ignorance or lack of education than concerns based on the severity of cryptocurrencies. TRUE
Lummis hopes that the bill she and New York Senator Kirsten Gillibrand have drafted, the legislative measure of However, according to Lummis, the two senators are waiting to see how stablecoins-related bills will be brought into the House of Commons. Before their own bill was proposed.
Boring, founder and CEO of the Chamber of Digital Commerce, pointed out that her company’s members account for more than 50% of the Bitcoin hash rate in the United States. And many of her clients are concerned about the 30% mining tax recently proposed by the White House.
Lummis replied, “I would like to start by saying it is not going to happen.” She then reiterated that many members of Congress have been working hard with the digital asset community. to ensure that fair regulations are followed
Lummis explains: “One of the advantages of Bitcoin mining is when you drill oil and gas wells. And it’s away from other oil and gas wells, you’re venting the gas into the atmosphere until you can get a pipe to connect. […] and while draining You can pull it and use it to mine Bitcoin in the trailer. And use the vented methane gas to mine your Bitcoin, and you help prevent the gas from being vented into the atmosphere.”
The senator added that “Bitcoin is cleaning up the environment,” and also said that Bitcoin mining can be used as a tool to stabilize the energy grid. It states that mining operations can be increased or decreased to ensure proper energy distribution.
In explaining why the US government has refrained from pushing Bitcoin technology, Lummis pointed to the Congressional perception that “Bitcoin and cryptocurrencies are not the same. is being used for criminal activities.”
“We have tried to educate members of Congress that companies like Chainalysis can solve crime with Bitcoin and cryptocurrencies. It is easier than using the US dollar,” Lummis explains, “but there are people who do not believe that.” can of US law enforcement agencies To operate in an increasingly digital world
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