Cynthia Lummis to be the first Bitcoin owner in the US Senate

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 5, 2020
  • A former congresswoman from Wyoming, Cynthia Lummis, will be the first US Senator to own Bitcoin.
  • Lummis has been a BTC owner since 2013, and a major crypto advocate.
  • Crypto industry still has many issues to solve in the US, including regulations, taxation, and more.

The crypto industry has just made a major step in the right direction, after Wyoming voters recently elected Cynthia Lummis — an ex congresswoman — to the US Senate. Lummis is a known Bitcoin supporter, and she has been a BTC owner since 2013.

The US receives its first crypto-supporting Senator

The new victory for the crypto sector came at a rather interesting time, as the US presidential election is still on-going. However, while the election may have gathered most of the attention of the world, the entry of the first Bitcoin holder to the US Senate did not go unnoticed.

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As some may know, Lummis first bought Bitcoin from her son-in-law back in 2013. While she is not the first high-ranking government official to declare ownership of crypto — several members of the House of Representatives have done so, and even the Judiciary Committee’s former chief admitted to owning coins — no US Senator ever admitted being a BTC owner.

Still, it is not surprising that an official elected by Wyoming would be a crypto owner. After all, the state has been growing into a major crypto haven for businesses and entrepreneurs from this industry for the past several years.

Wyoming even passed multiple laws to encourage crypto commerce, and two of its banks were recently allowed to start performing crypto transactions.

Crypto in the US is not out of the woods yet

Some have already predicted that Lummis would be a major advocate for the crypto sector, including Avanti Financial’s CEO, Caitlin Long.

Of course, just because the US Senate now has a crypto supporter in its ranks, it doesn’t mean that things will go smoothly for the crypto sector further down the road. There are still major regulatory issues to solve, and many regulators still see crypto only as a tool for money laundering, tax evasion, terrorism financing, and alike.

Another issue is taxation, which the crypto world is currently attempting to tackle, so there are more than enough problems to be solved before the US becomes prepared to become a place for crypto to grow larger.

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