Senator Cynthia Loomis, the first senator in US history to own bitcoin, has announced plans to launch a financial innovation group to educate other senators on cryptocurrencies and digital assets.

Loomis, who appeared on the Anthony Pomplano podcast on February 2, announced her intention to create a collection, saying:

“We hope to use it as a starting point to educate US Senators and their staff specifically about Bitcoin, but also other opportunities for cryptocurrency, as well as economic and blockchain innovation.”
Loomis said the group will first work to combat the false narrative of the use of digital assets and cryptocurrencies for money laundering, noting that research by forensic firm Chainalysis shows that “crime-related cryptocurrencies are less than criminal activity. with cash “.

Loomis noted that she recently spoke with Treasury Secretary Janet Yellen, whose recent comments about the use of cryptocurrencies for illicit funding raised concerns about an upcoming regulatory campaign reflecting the cryptocurrency space.

Lummis sought to allay crypto community concerns about Yellen by describing the secretary of state as “open-minded” about digital currencies. However, the senator said: “It will take a lot of work to ensure that we can conduct an open dialogue without chaos, to see a sudden reaction to fears that all cryptocurrencies are susceptible to criminal activity.”

The rules of the code must allow for innovation. ”
The senator bought Lummis Bitcoin in 2013 and 2014 and has been promoting Bitcoin as a store of value ever since. She compared Bitcoin to the Permanent Mineral Fund, which she ran as treasurer in Wyoming during the first decade of the 21st century.

“I was a treasurer in Wyoming in the first half of the 21st century, so I was always looking for an inexpensive store. In Wyoming, we have fixed assets that depend on the extraction of minerals, oil and gas from the earth. We take […] a day off from minerals and invest them. In a permanent box. ”

“The idea behind this permanent mineral fund is that when the minerals disappear, we will have income again because we invested that income and continued to invest it in the allocation of various assets […] Bitcoin reminded me of our permanent mineral source of money. ”
“Only 21 million bitcoins will be mined, and since this is a limited resource, I consider it a very good store of value,” concluded Loomis.

Source: CoinTelegraph

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