Senator Cynthia Lummis, a Republican from Wyoming and a known advocate for cryptocurrency and Bitcoin, has stated that a Donald Trump victory in the upcoming presidential election would be a ‘total game changer’ for the industry. Conversely, she believes a win by Democratic challenger Kamala Harris could present significant challenges for cryptocurrency adoption.
In an interview with Bankless, Lummis expressed confidence that Trump, if re-elected, would propose a Bitcoin strategic reserve in his first address to Congress. She believes that Trump would champion a regulatory framework that is highly supportive of innovation and would appoint regulators to the SEC, CFTC, and OCC who are knowledgeable about and friendly to digital assets.
However, Lummis cautioned that the cryptocurrency industry would face an ‘uphill battle’ if Harris wins the presidency. She emphasized her own proposed legislation, the My BITCOIN Act, as the only viable solution to cut the national debt in half by 2045. This legislation aims to establish a U.S. strategic Bitcoin reserve, which Lummis believes would strengthen the dollar and help address the country’s $35 trillion debt. She estimates that a million Bitcoin in 20 years would be worth $17 trillion, making it a powerful tool to reduce the financial burden.
Lummis’ comments come amidst Trump’s growing outreach to the cryptocurrency community, a significant shift from his previous stance where he labeled Bitcoin a ‘scam’. Trump has since expressed support for a national Bitcoin stockpile, stating in interviews that it could be used to ‘wipe out’ the $35 trillion U.S. debt.
While Trump’s campaign has been deemed ‘more explicit’ in its engagement with the crypto community, the Harris campaign has also received positive feedback. Senate Majority Leader Chuck Schumer (D) recently stressed the importance of ‘sensible and long-lasting’ cryptocurrency regulation for the industry.
At the time of writing, Bitcoin was trading at $57,077.16, up 0.53% in the last 24 hours.
The upcoming election promises to be crucial for the future of cryptocurrency regulation and adoption in the United States. Lummis’ comments highlight the differing visions held by both candidates and underscore the significance of this election for the cryptocurrency industry.
