December 6, 2022

Pro Bitcoin Senator Cynthia Lummis Takes Aim at SHIB And Other Memecoins

2 min read

The US Senator Cynthia Lummis does not think memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE) are “here to remain.” She believed that Bitcoin (BTC) is the only decentralized commodity, while the rest of the crypto assets act like securities.

Memecoins Are Not Like Bitcoin

Regardless of gathering a great deal of attention and tapping brand-new all-time highs throughout 2021, financiers should be careful when handling memecoins like Shiba Inu and Dogecoin, asserted Republican Senator Cynthia Lummis in a recent interview for CNBC.

She kept in mind that the majority of altcoins, consisting of Dogecoin and its copycats, are “provided by an individual or an entity that topped a big block of the coin for themselves and then issued others to get involved.” Indicating that they are not completely decentralized, Lummis described them as securities and not products.

It is worth keeping in mind that the American political leader is one of the most outspoken bitcoin supporters. As such, she declared that the primary cryptocurrency is digital gold. It is also the “basic,” while all the others should be “kept track of differently because they are created in a different way.”

Subsequently, Lummis – – called the very first lady to represent the state of Wyoming in the US Senate – – urged the American regulators to enforce a comprehensive regulative framework on bitcoin. She thinks the move would allow for more developments in the digital possession area and provide defense for the local financiers.

CynthiaLummis

‘ Cynthia Lummis, Source: CNBC ‘ Thank God for Bitcoin ‘Senator Lummis has actually displayed her support towards the leading digital property various times. Last month, she discussed the mass printing of United States dollars and the following increasing inflation in the States, explaining the federal government as “reckless” for carrying out such policy.

Still, bitcoin and other digital properties can serve as a countermeasure. In case of the dollar’s collapse, “non-fiat currencies” such as BTC can flourish and aid the shuttered economy, she concluded:

“Thank god for Bitcoin and other digital currencies that go beyond the irresponsibility of federal governments– including our own. That is an indictment of our duty to resolve this looming, foreseeable, massive problem.”

Lummis is also a long-time bitcoin holder. Back in June, she exposed owning 5 BTC, which she bought in 2013 when the USD value of the asset stood at $300 apiece. The Senator believed people ought to buy and hold the token for security, adding she has no strategies to sell her stash.

This summertime, she topped up her bitcoin holdings with as much as $100,000 worth of the cryptocurrency.