A Game Changer for the Industry?
Senator Cynthia Lummis (R-Wyo.), a prominent advocate for cryptocurrency and Bitcoin, believes that a Donald Trump victory in the upcoming elections would be a "total game changer" for the industry. In contrast, she warns that a win for Democratic rival Kamala Harris could lead to an "uphill battle" for the sector.
In an interview with Bankless, Lummis expressed confidence that Trump would push for a Bitcoin strategic reserve in his first address to Congress. She believes his administration would promote a regulatory framework that is "very pro-innovation" and appoint regulators who are "friendly to an understanding of digital assets."
On the other hand, Lummis cautioned that the industry could face significant challenges if Harris wins the presidency. She believes that the Harris administration would be less supportive of cryptocurrency and could impose stricter regulations on the industry.
Lummis also discussed her proposed legislation to establish a U.S. strategic Bitcoin reserve. This reserve would aim to enhance the dollar's strength and address the country's $35 trillion debt. Lummis argues that a million Bitcoin held in reserve for 20 years could be worth $17 trillion, making it a "viable" solution to cut the national debt by half.
Lummis' remarks come amid Trump's growing outreach to the cryptocurrency community. This shift in stance marks a significant change from his previous criticisms of Bitcoin as a "scam." Trump has also expressed support for a national Bitcoin stockpile, suggesting that it could be used to "wipe out" U.S. debt.
While Trump's campaign has been praised for its explicit support of cryptocurrency, the Harris campaign has also made efforts to engage with the industry. Recently, Senate Majority Leader Chuck Schumer (D) emphasized the importance of "sensible and long-lasting" cryptocurrency regulation for the industry's future.
With the election approaching, the cryptocurrency community is closely watching the campaigns of both Trump and Harris to see how their policies could impact the industry's future.