Senator Cynthia Lummis Praises Bitcoin, Calls CBDCs ‘The Beast’

Senator Cynthia Lummis reiterated her Bitcoin agenda on Friday and ridiculed the merits of Central Bank Digital Currencies (CBDCs) in an interview with Fox Business host Larry Kudlow.

In a recent interview with Fox Business on Friday, July 13, Lummis emphasized the potential benefits of Bitcoin reserves in bolstering the global strength of the U.S. dollar. The Wyoming senator, hailed as the “Crypto Queen” of Congress, expressed her concerns about CBDCs, describing them as “the beast” due to their potential for government surveillance.

“No central bank digital currency — I’m very happy about that because it’s a means of surveillance of the American people,” Lummis told Kudlow. “But we want to make sure that people can have individual wallets for their Bitcoin so that they have sovereignty over their own money.”

Lummis, a Republican, is also a vocal supporter critical from the US Department of Justice for bringing charges against companies like Tornado Cash for transmitting money without a license.

The founders of Tornado Cash were accused of money laundry over $1 billion in criminal proceeds.

In a Friday social media post on X, Lummis outlined his main goals, including opposing retail CBDCs, protecting self-managed Bitcoin wallets and ensuring the supremacy of the dollar in the 21st century. His pro-Bitcoin stance stands in stark contrast to the current ambiguous regulatory environment that has drawn criticism from crypto industry leaders.

See below.

Bitcoin ‘Right to Mine’

Lummis also touted former President Donald Trump’s promise to mine Bitcoin in the U.S. It’s worth noting that the U.S. is already one of the leading nations in Bitcoin mining activity. Furthermore, about 94% of Bitcoin has already been mined.

Like Lummis, Trump has also expressed his opposition to CBDCs.

Earlier this year, the indicted four times The Republican Party’s front-runner for the 2024 election has called CBDCs “very dangerous.” He claimed they could lead to sudden and unexplained withdrawals from people’s bank accounts, though the basis for that claim remains unclear.

Trump’s views on cryptocurrencies have fluctuated; in 2019, he criticized Bitcoin and other cryptocurrencies for their volatility and potential to facilitate “drug trafficking and other illegal activities.” Today, Trump — recently discovered guilty falsifying business records — manages a cryptocurrency portfolio and sells non-fungible tokens (NFTs) featuring Photoshopped images of himself.

Why Trump and Lummis May Be Wrong

According to CoinbaseCBDC advocates argue that these digital currencies can speed up transactions, provide financial services to the unbanked, and increase payment security by ensuring that transactions are final and unalterable, thereby reducing fraud.

CBDCs represent a digital form of a country’s fiat currency, issued by the state and not pegged to a physical commodity.

Several central banks, including the US Federal Reserve System, the Bank of Japan, the People’s Bank of China (PBOC), and Germany’s Deutsche Bundesbank, are exploring the issuance of CBDCs.

The growing interest in CBDCs is driven by several trends: the decline in the use of cash, growing interest in privately issued digital assets, a perceived need for central banks to innovate in the payments space, and the rise of global payment systems.

Lummis’ advocacy for Bitcoin and skepticism toward CBDCs reflect broader debates about the future of digital currencies and their impact on the financial system.

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