The US Senate Is Greatly Opposing Crypto And Blockchain

As of right now, the member of the Senate, Lummis is really comfortable with the usage of BTC in his future savings. 

The statements from the Senate

Currently, the state member appears to be listed among those who are sure of their pro-crypto position.

Still, some other authorities in the US have been really strong and even stern in their attempt to force advancements concerning crypto-related bills. Among them is the member of the Senate K. Gillibrand. 

In an interview with the crypto-related website on the 12th of December, pro-crypto senator Lummis stated that the current  cryptocurrency crisis had not weakened his belief in Bitcoin.

But still, he acknowledges that the possession must be taken into consideration in the newly created laws and the developing state future savings programs for citizens of the US. 

The discourse on crypto regulation

At the moment when the aforementioned member of the senate first discussed retirement plans back in June 2021, he took a slightly different approach to the matter than he does now.

The person promised to include a few other cryptos in his wallet at that time, but the recent FTX fiasco and the crypto winter appear to have made him reconsider his decision. 

Senators like T. Smith, R. Durbin, and E. Warren utilized the latest marketplace turbulence to pressure Fidelity investing funds to stop its Bitcoin trading deals and crypto-related retirement products.

The senators stated they are planning to make the same request once again. On November 1, they wrote a to the Chief executive officer of the financial governmental department, A. Johnson, a letter concerning the future of crypto.

The 3 members of the Senate argued that they ought to stop giving BTC to the pension plan because of the FTX fiasco and the overall instability of the crypto market. 

As with other finance-related tools, value volatility is an awaited function of the marketplace, and it would be naive to think that a spherical recession indicates a lack of long-term growth, Adams says.

J. Tester stated recently that there was no ground for cryptocurrencies to exist, and E. Warren said that more people finally understand that crypto is too risky to invest in.