Senator Lummis Still Trusts Bitcoin For Retirement - Blockchain.News

Senator Lummis Still Trusts Bitcoin For Retirement

US politician Cynthia Lummis is crypto-friendly. She's unfazed by lawmakers' Bitcoin retirement plan bans. Instead, Elizabeth Warren, Tina Smith, and Richard Durbin want Fidelity to discontinue its BTC-linked 401(k) (k).

  • Dec 13, 2022 03:49
Senator Lummis Still Trusts Bitcoin For Retirement

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The pro-cryptocurrency senator is unmoved by the continuing "crypto winter" or by the proposals from his colleagues to limit the use of bitcoin in retirement plans. He believes that cryptocurrencies have a bright future.

Pro-crypto In spite of the fact that a number of her Senate colleagues have asked her to rethink her viewpoint, Senator Cynthia Lummis of the United States has not wavered in her conviction that Bitcoin ought to be included in a diversified investment portfolio for retirement purposes.

As things stand, it would seem that Representative Lummis is one of just a handful of legislators in the United States who is openly supportive of cryptocurrencies. Together with Senator Kirsten Gillibrand, he has been a significant proponent of forward-thinking cryptographic legislation.

These comments reveal a quite different attitude than what Lummis first suggested with respect to retirement intentions back in June of 2021. Lummis is planning to retire in the following year.

It seems that the crypto winter and the ongoing FTX debacle may have prompted her to make some little adjustments to the opinions she previously held. It seems that she may have slightly shifted her thinking on the inclusion of other specific cryptocurrencies, despite the fact that she had previously advocated for their inclusion.

Senators such as Elizabeth Warren, Tina Smith, and Richard Durbin have instead utilized the current market upheaval to restate their demands that Fidelity Investments roll down their Bitcoin-linked 401(k) retirement scheme. These senators are located on a different area of Capitol Hill. These senators may be found on the Democratic side of the aisle in the Senate chamber.

In a letter dated November 21 and addressed to Abigail Johnson, the chief executive officer of Fidelity, the three senators emphasized the FTX issue as a primary reason to stay away from allowing Bitcoin exposure in retirement plans. The letter was sent to Fidelity. FTX is the Financial Technology Exchange.

Other senators have also joined the discussion on cryptocurrencies, with Jon Tester declaring earlier this week that he saw "no reason why" cryptocurrencies should exist at all and Elizabeth Warren ecstatically proclaiming that "now there are more people blowing the bullshit whistle." Both of these statements were made by the senators.

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