A former congresswoman from Wyoming, Cynthia Lummis, will be the first US senator to own Bitcoin.
Lummis has owned BTC since 2013 and is a key crypto proponent.
The crypto industry still has many problems to solve in the U.S., including regulations, taxation and more.
The crypto industry has just taken a big step in the right direction after voters in Wyoming recently elected Cynthia Lummis – a former congresswoman – to the U.S. Senate. Lummis is a well-known Bitcoin supporter, and she has owned BTC since 2013.
The USA gets its first crypto-supporting senator
The new victory for the crypto sector came at a rather interesting time, as the US presidential election is still ongoing. Although the election may have attracted most of the world’s attention, the entry of the first Bitcoin owner into the U.S. Senate did not go unnoticed.
As some may know, Lummis first purchased Bitcoin from her son-in-law in 2013. While she is not the first high-ranking government official to declare ownership of crypto – several members of the House of Representatives have done so, and even the former head of the Judiciary Committee has admitted to owning coins – no U.S. Senator has ever admitted to owning BTC.
Nevertheless, it is not surprising that a civil servant elected by Wyoming is a crypto-owner. After all, in recent years the state has become an important crypto-haven for companies and entrepreneurs in this industry.
Wyoming has even passed several laws to promote the crypto trade, and two of its banks have recently been allowed to begin conducting crypto transactions.
Crypto in the USA is not yet out of the woods
Some have already predicted that Lummis would be a key advocate for the crypto sector, including Avanti Financial’s CEO, Caitlin Long.
Of course, the fact that the U.S. Senate now has a crypto advocate in its ranks does not mean that things will run smoothly for the crypto sector in the future. There are still major regulatory issues to be resolved, and many regulators still see cryptotechnology only as a means of combating money laundering, tax evasion, terrorist financing and the like.
Another problem is taxation, which the crypto world is currently trying to tackle. So there are more than enough problems to be solved before the US is ready to become a place where the crypto-world becomes bigger.