Wyoming Senator Cynthia Lummis thinks the Federal Reserve should add Bitcoin (BTC) to its balance sheet once the main crypto asset becomes more regulated.
Lummis spoke this week at a webinar hosted by the Orrin G. Hatch Foundation and was asked about the idea of the Fed buying BTC.
“I think it’s a great idea, to be honest, and I think once there’s a legal and regulatory framework it will make a lot of sense. The fact that it’s completely decentralized is going to make it more pervasive over time, and I think that’s going to be something the Fed should keep on its balance sheet.
Lummis also teased the upcoming introduction of comprehensive Bitcoin and crypto legislation.
“You will see, I think, just in the coming weeks, a really full legislative rollout. We started in December, quietly sending out our draft bill for comment among regulators and among members of the Bitcoin community and the digital asset community as a whole. We received a lot of feedback, and we’ve incorporated that early feedback into a new draft that’s [legislative] advice now.
The Republican says they will soon either send the legislation out for a second round of public comment or file it and receive comment that way.
The bill would install a self-regulatory body between the Securities and Exchange Commission and the Commodity Futures Trading Commission that “would make some of the first calls to find out if something is a commodity or a security,” Lummis says.
On Friday, the Federal Reserve announced that its senior officials were no longer allowed to hold cryptocurrencies.
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