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US Republican Senator Cynthia Lumis of Wyoming chats by the hearth with Digital Chamber of Commerce Founder and CEO Perianne Boring in the meantime Bitcoin 2023 event in Miami on May 19th.
Topics of discussion were the importance of Bitcoin to the national and energy security of the United States and upcoming legislation surrounding cryptocurrencies, blockchain and related technologies.
Lumis explained that regulation of Bitcoin and related technologies is a matter of national security. She argued that the US government was irresponsible for its debt and positioned Bitcoin as a decentralized safety net for its citizens.
“As we approach the debate on the new debt ceiling, I am actually worried that it will eventually be raised to the point where interest payments exceed the amount we spend on defense. So this is a matter of national security. It is.”
The Senator has expressed her belief that the current challenges surrounding the passage of Bitcoin-friendly legislation are less about reality-based concerns and more to do with what she perceives as ignorance and lack of education. made it
Addressing the entire audience, Lumis said, “You all know that FTX had zero bitcoin when it went bankrupt, but there are people in Washington, D.C. who confuse companies with digital assets. There are a lot of them. They confuse Bitcoin with other cryptocurrencies,” he quipped.
Lumis, along with New York State Rep. However, according to Lumis, the two senators are waiting to see what happens to the stablecoin-related bills introduced in the House of Representatives before introducing their own bills.
Lumis cited the fact that Senator Gillibrand, himself a member of the committee overseeing the SEC, served on the Senate committee overseeing the CFTC as a key factor, citing the bill’s potential for passage. showed an optimistic attitude.
Digital Commerce Chamber founder and CEO Perrianne Boring turned the topic to mining, noting that her company’s membership accounts for more than 50% of the US Bitcoin hashrate and her He noted that many of his customers were concerned about the proposed 30% mining tax. It was recently announced by the White House.
When he mentioned taxes, boos erupted, but Senator Lumis turned the jeers into cheers by simply replying, “First of all, I want to tell you that it won’t happen.” She then reiterated that several members of Congress are working hard with the digital asset community to ensure fair regulation.
Citing the added importance of getting regulation right, Lumis reiterated that the issue is one of national security, and this time using the Bitcoin mining process is also essential for the environment. I added that there is.
“One of the advantages of bitcoin mining is that if you drill an oil or gas well that is far away from other oil and gas wells, you can release the gas into the atmosphere until you pull the pipeline. While you’re at it, you can tow a bitcoin mining operation with a trailer and use the emitted methane gas to mine bitcoin, preventing the gas from being released into the atmosphere.
“Bitcoin is cleaning up the environment,” the senator added, prompting further cheers from the audience. She also noted that bitcoin mining can be used as a tool to stabilize the energy grid, and said mining work could be scaled up or down to ensure proper energy distribution.
In explaining why the U.S. government has been reluctant to promote bitcoin technology, Lumis pointed to Congress’ perception that “bitcoin and cryptocurrencies are being used for criminal activity.”
“We have tried to educate legislators that companies like Chainalysis can actually solve crimes more easily with bitcoins and cryptocurrencies than with US dollars,” Lumis said. “But there are still people who don’t believe it,” he added. He went on to explain that pushing related innovations, such as bitcoin and mining operations, overseas would undermine the ability of US law enforcement agencies to operate in an increasingly digital world.
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