Is bitcoin coming to the U.S. Senate? That’s how it looks in Wyoming after the state has elected a Republican cryptocurrency holder and digital currency advocate to office. Cynthia Lummis is a crypto owner that was recently elected to the Senate to represent Wyoming. Many expect that she will now push for newfound bitcoin and crypto regulation to protect digital trading in America.
Wyoming Is Growing as a Crypto Haven
Many a time have bitcoin and digital currencies been brought up in congressional sessions. Many do not quite know what to make of the whole situation. The U.S. doesn’t seem anti-crypto per se, but it also doesn’t seem like it’s in a big rush to clarify present rules and ensure that people can gain access to cryptocurrencies.
Case in point: Andrew Yang, a businessman who threw his hat into the presidential ring last year and in early 2020, was allegedly going to fix up all crypto regulation should he take the White House at the end of this year. He said that he would make all present rules clear regarding how trading can be performed, what constitutes as a taxable transaction, etc.
Despite a lot of money spent on his campaign, Yang was forced to throw in the towel relatively early after he failed to gain any sort of momentum in the race. The same happened with publishing mogul and former mayor of New York Michael Bloomberg, who spent roughly $600 million on his presidential campaign. He also promised to clarify crypto regulation if he became president, but it was clearly not meant to be.
Neither candidate was able to muster up enough enthusiasm from crowds or American voters in general, who clearly felt that digital currency was not a subject worth spending time on, and both wound up out of the presidential race faster than many people likely expected.
But with the election of Cynthia Lummis, it is believed that things may change in the coming weeks once her term takes off. Lummis first bought bitcoin about seven years ago after her son-in-law advised her to do so, and she will reportedly be the first senator elected to office to ever own cryptocurrency. Her victory over her democratic challenger Merav Ben-David was a landslide, with Lummis gaining more than 70 percent of the total votes.
To be fair, however, it is widely whispered amongst crypto advocates that Wyoming is among one of the most digital currency-friendly regions in America and anywhere else in the world, so while this is definitely a step in the right direction for traders, things began in what can be deemed the easiest place to start.
Pushing the Crypto Boundaries
Caitlin Long – CEO and founder of Avanti Financial – predicts:
In typical Wyoming fashion, we’re sending someone to D.C. who respects individual rights, and especially the right to keep the fruits of our labor.