Victor Ugochukwu · Dec 1, 2020 . 8min read
Bitcoin holder Cynthia Lummis becomes Senator-elect in Wyoming
Cynthia Lummis emerged victorious over her democratic challenger Merav Ben-David after a large margin to win a seat for Wyoming in the US Senate.
By Victor Ugochukwu · Nov 4, 2020 . 6min read
Cynthia Lummis emerged victorious over her Democratic challenger Merav Ben-David defeating her by a large margin. Unofficial sources count it at 176,102 votes to 67,387.
The now Senator-elect before this time had served as a congresswoman between 2009 to 2017. In 2013, Lummis bought her first bitcoin, and this was when Bitcoin was worth just $300 per coin.
Describing herself as a “fierce budget hawk,” Cynthia Lummis is a fierce advocate against U.S. national debt bragging that she will “work tirelessly” to cut spending. Very much against what Democrats advocates and the latest pro-spending conservative budgets now being pushed by Trump due to COVID.
Senator-elect Cynthia Lummis ran a conservative campaign with close ties to Trump’s “America First!” agenda. Consequently, at some point, while campaigning, Lummis said
“I want to address America’s debt when I go to the U.S. Senate. But I also want to protect the value that America’s workers generate through their labour. We cannot continue to debase our currency and expect that the American workers’ wages and savings will be unaffected.”
And for how and why Senator-elect Lummis came to know about and bought bitcoin, it was through her son-in-law. He worked as a Chief Product Officer at Unchained Capital, a crypto hedge fund. Lummis reasons for buying Bitcoin is that she
believe in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in our financial system.
Wyoming has been pro bitcoin and cryptocurrency, not surprising they elected Cynthia Lummis as their latest Senator.
For anyone who knows the State of Wyoming, it is the fact that it has led the charge in rolling out favourable legislative stance for crypto firms to thrive. For instance, Wyoming approved the applications for Kraken Financials and Caitlin Long’s Avanti bank granting them SPDI licenses. With the Special Purpose Depository License, both Kraken and Avanti can asides from helping to custody crypto now offer lending services.
Although it’s not clear that if the “Bitcoin Senator” Cynthia Lummis was instrumental in these licenses permission. However, it’s a huge plus for the Bitcoin and crypto community who always seek to have enthusiasts at the corridors of power. Perhaps to help with favourable legislation and ruling, which could also contribute to the mass adoption goal.
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Komal Joshi · Nov 30, 2020 . 5min read