Sen. Cynthia Lummis (R-Wyo.), a known cryptocurrency and Bitcoin (CRYPTO: BTC) advocate stated that a Donald Trump victory in the upcoming elections will be a "total game changer" for the industry, while the exact opposite will happen if Democratic rival Kamala Harris wins.
What happened: In an interview with Bankless, the Republican senator expressed confidence that Trump would push for a Bitcoin strategic reserve in his first address to Congress.
"I think he advocates a regulatory framework that is very pro-innovation. I think he puts regulators in place at the SEC, CFTC, and OCC that are friendly to an understanding of digital assets," Lummis asserted.
On the other hand, she cautioned that the industry would be fighting an "uphill battle" if Harris wins the race to the White House.
My BITCOIN Act is currently the only viable solution that positions us to cut our national debt in half by 2045. I joined @BanklessHQ to discuss how my commonsense legislation will get us back on track and secure our position as a world leader in financial innovation.
— Senator Cynthia Lummis (@SenLummis) September 4, 2024
The senator also talked about her proposed legislation to establish a U.S. strategic Bitcoin reserve, aiming to enhance the dollar's strength and address the country's $35 trillion debt.
"The expectation is that a million Bitcoin 20 years from now would be worth $17 trillion," Lummis stated, pitching it as the only "viable" solution to cut the financial hole by half.
Why It Matters: Lummis' remarks came amid Trump's growing outreach to the cryptocurrency demographic, marking a 360-degree pivot from the time he called Bitcoin a "scam."
The former president has also expressed support for a national Bitcoin stockpile, noting in one of the interviews that it could be used to "wipe out" $35 trillion worth of U.S. debt.
While Trump's campaign has been called "more explicit" by some in the business, the Harris campaign's outreach has also been appreciated.
Recently, Senate Majority Leader Chuck Schumer (D) emphasized the importance of "sensible and long-lasting" cryptocurrency regulation for the industry.
Price Action: At the time of writing, Bitcoin was exchanging hands at 57,077.16, up 0.53% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Wikimedia
