The US sitting Senator, Cynthia Lummis argued Bitcoin’s dominance in an exclusive interview with Squawk Box. Sen. Lummis, who is fighting for clear regulations to further ensure the growth of crypto in the US, reinstated that Bitcoin is the “standard”, given its completely decentralized nature. She determined that, while Bitcoin is a commodity, other tokens may be taken as security since they are issued by an individual or an entity, who reserve a hefty amount of the tokens for themselves.
“I do think that Bitcoin is here to stay, and I do think that a lot of others are not. The fact that Bitcoin is fully decentralized, and that some of these others were issued by a person or an entity that kept a large block of the coin for themselves and then issued others to participate, means they look more like a security than a commodity. Bitcoin is clearly a commodity…Bitcoin is the standard. It is digital gold.”, Senator Cynthia Lummis told Squawk Box.
Bitcoin to have a separate regulatory framework
Senator Lummis also added that the government is working towards carving out crypto-friendly regulations. However, regardless of crypto’s inevitably growing nature, the authorities’ priority remains consumer protection. While Sen Lummis’ stuck by Bitcoin’s side, hinting at potential positive outcomes for the OG crypto in the foreseeable future in regards to the regulatory oversight, at the same time Cynthia emphasized that other tokens’ regulations will be subject to risk and their nature.
“I do think that having a regulatory framework within which this can exist and innovate, means this entire space of digital assets. But that protects consumers at the same time is extremely valuable, and that’s why we and the financial innovation caucus are putting together and reviewing the legislation we have crafted to address these and other issues…Everything else has to be monitored differently because they are created differently.”, Sen. Lummis added.