Sen. Cynthia Lummis Advocates for Bitcoin Reserves to Strengthen U.S. Dollar

Bitcoin in Congress

United States Senator Cynthia Lummis (R-WY) has suggested that maintaining Bitcoin as a reserve currency could strengthen the U.S. dollar. In a July 12 interview with Fox Business, Lummis advocated for Bitcoin’s role in supporting the dollar’s stability. “We know we want the US dollar to remain strong,” she said. “And actually having Bitcoin in reserve can help the US dollar remain strong.”

No to CBDC, Yes to Bitcoin Wallets

Lummis also stressed the importance of independent cryptocurrency wallets while opposing the launch of a central bank digital currency (CBDC). “No central bank digital currency – I’m so happy about that cause that’s a means of surveillance of the American people,” she stated. “But we want to make sure people can have individual wallets for their Bitcoin, so they have that sovereignty over their own money.”

Senator Lummis Criticizes DOJ

Previously, Lummis criticized the U.S. Department of Justice (DOJ) in May for its stance on self-custody wallets. This followed charges against crypto mixers Tornado Cash and Samourai Wallet for unlicensed money-transmitting. The DOJ arrested Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill on money laundering charges and operating an unlicensed money-transmitting business.

“I am deeply troubled by the Department of Justice’s hyper-aggressive argument that non-custodial software can constitute a money transmission service,” Lummis said. “This stance contradicts existing Treasury guidance, common sense, and violates the rule of law.”

Lummis emphasized that arguments against self-custody software threaten fundamental property rights. “I will do everything I can to fight for your rights to hold your own keys and run your own node,” she declared.

A Pro-Crypto Advocate

Born in 1954, Cynthia Lummis served as a member of the U.S. House of Representatives from Wyoming’s at-large district and has been a senator since 2021. She is widely known for her pro-crypto stance.