Cynthia Lummis elected to the US Senate! Cynthia Lummis is a Bitcoin owner and has been elected to the United States Senate. Crypto may have a new friend in DC!
Lummis first bought Bitcoin in 2013 after listening to advice given to her by her son-in-law. She will be the first member of the Upper Chamber of the United State’s Legislative branch to own cryptocurrency. There are members of the lower chamber, the House of Representatives, who have owned crypto, but not one US senator has disclosed to owning crypto.
Lummis’s election also comes at a time that her home state is advertising itself as a haven for cryptocurrency entrepreneurs. Wyoming has passed a series of laws to facilitate crypto commerce in the last two years, and has recently granted charters to two banks to allow them to perform transactions using cryptocurrency.
Lummis could emerge as an advocate for cryptocurrency in the Senate, however, the industry as a whole still faces significant regulatory headwinds. Many lawmakers and agencies like the IRS still view cryptocurrency as a vehicle for money-laundering and tax evasion.
Cryptocurrency also faces obstacles to their adoption in the United States due to their being treated as a capital gains event for every transaction that happens with crypto. The industry is pushing a bill that would create a so-called de minimis exemption for minor crypto transactions as a response.
The bill could be in trouble, however, as the bill’s main sponsor, Representative David Schweikert (R-Ariz.) is presently leading by a razor’s edge in his bid for re-election in the Arizona 6th.
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