Wyoming Senator Cynthia Lummis believes the Federal Reserve should add Bitcoin (BTC) to its balance sheet once the major crypto asset becomes more regulated.
Lummis was speaking this week at a webinar hosted by the Orrin G. Hatch Foundation and was asked about the idea of the Federal Reserve buying BTC.
“I think it’s a great idea, to be honest, and I think once there is a legal and regulatory framework, it will make a lot of sense. The fact that it is completely decentralized will make it more ubiquitous over time, and I think it will be something the Fed should keep on its balance sheet.”
Lummis also mocked the upcoming introduction of comprehensive Bitcoin and cryptocurrency legislation.
“I think you will see, just in the next few weeks, implementation of legislation that is really comprehensive. We started in December, submitting our bill quietly for comment by regulators and people in the Bitcoin community and the digital asset community in general. We received a large number of comments and have incorporated those early comments into a new draft that is now in the council. [legislativo]”.
The Republican says they will soon send the legislation out for a second round of public comment or shelve it and take comments that way.
The bill would set up a self-regulatory organization between the Securities and Exchange Commission and the Commodity Futures Trading Commission that “would make some of the initial calls about whether something is a commodity or a security,” Lummis explains.
On Friday, the Federal Reserve announced that its top officials were no longer allowed to hold cryptocurrencies.
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