Cynthia Lummis, a pro-cryptocurrency Senator in the United States, has voiced continued support for using Bitcoin for her retirement plans.
Working with Senator Kirsten Gillibrand, Lummis has proactively backed cryptocurrency regulations, namely after joining Semafor, an online media outlet, on Monday.
In the article, she stated that the ongoing cryptocurrency crisis had not deterred her from supporting Bitcoin and that she still backed people adding the digital asset to their 401(k) retirement packages.
Speaking at the meeting, she said: “I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies […] I personally believe that because there are only going to be 21 million Bitcoin that are mined, that Bitcoin will go up.”
In a recent tweet, she slammed FTX, stating its actions were “good, old-fashion fraud” and urged authorities to “ensure everyone who committed crimes is held accountable for what they did.”
She added she hoped her colleagues would support and pass the Lummis-Gillibrand Responsible Financial Innovation Act to “prevent future collapses like FTX.”
The news backtracks from previous stances the politician held in June last year, where she aimed to include specified cryptocurrencies.
She said at the time: “I’d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act.”
Conversely, Senators Elizabeth Warren, Richard Durbin, and Tina Smith, among others, have called for Fidelity Investments to cancel its Bitcoin-based retirement package plans in a recent letter, citing the ongoing FTX collapse.
It read: “As with all financial products, price fluctuations are an expected feature of the market — and it is shortsighted to believe that setbacks in an industry are an indication that it won’t experience long-term growth.”
