During a panel hosted by the Orrin Hatch Foundation, the famously pro-Bitcoin US Senator for Wyoming Cynthia Lummis suggested that the Federal Reserve should hold Bitcoin on its balance sheet.  During the “Crypto At A Crossroads” panel discussion on Thursday, Wyoming Senator Cynthia Lummis said that the Federal Reserve should hold Bitcoin on its balance […] The post US Senator Recommends The Fed Put Bitcoin On Its Balance Sheet appeared first on CryptosRus.

US Senator Recommends The Fed Put Bitcoin On Its Balance Sheet

During a panel hosted by the Orrin Hatch Foundation, the famously pro-Bitcoin US Senator for Wyoming Cynthia Lummis suggested that the Federal Reserve should hold Bitcoin on its balance sheet. 

During the “Crypto At A Crossroads” panel discussion on Thursday, Wyoming Senator Cynthia Lummis said that the Federal Reserve should hold Bitcoin on its balance sheet. “I think it’s a great idea to be honest,” Lummis told the panel which included Bobby Zagotta (Bitstamp) and Randal K. Quarles (former vice chair for the Federal reserve).

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  • Lummis also added, “The fact that [bitcoin] is completely decentralized, is going to make it over time more ubiquitous, and I think it’s going to be something that the Fed should hold on its balance sheet.”
  • Lummis is no stranger to supporting Bitcoin. She was a big part of the infrastructure bill negotiations to protect proof-of-work and proof-of-stake mining.
  • The senator’s state is very crypto-progressive. Not only is the state home to crypto bank Avanti, the University of Wyoming has a blockchain lab — which Cardano founder Charles Hoskinson is a donor for. 
  • “The Fed” is no stranger to holding currency on its balance sheet. Currently the Federal Reserve holds 40 billion in foreign currencies.
  • On crypto scams and the need for investor protection, Lummis said, “There will be people who conflate credible products with those that are not… I think its important that we have a regulatory framework that can help sort those out.

The post US Senator Recommends The Fed Put Bitcoin On Its Balance Sheet appeared first on CryptosRus.