US Senator Cynthia Lummis Asks Followers To Share Bitcoin Success Stories After Public Endorsement Of Cryptocurrency

What Happened: U.S. Senator Cynthia Lummis called for her Twitter followers to send her their Bitcoin success stories, issues, and concerns after her appearance at the Bitcoin 2021 conference in Miami.

Please send me your #Bitcoin success stories. Please send me your issues and concerns. Thanks for educating me (if gradually then suddenly) so I can do the same with my Senate colleagues. https://t.co/Kohdh22g1f

— Cynthia Lummis (@CynthiaMLummis) June 4, 2021

Lummis appeared in a panel with Congressman Warren Davidson to discuss the many positives of bringing Bitcoin innovation to America.

“My daughter introduced me to Bitcoin. Once you have skin in the game, then you follow it,” said Lummis.

Why It Matters: In response to the Wyoming senator’s call to share Bitcoin success stories, one user responded, saying he managed to wipe out $35,000 of student loan debt.

“Take that story to your senators who are trying to wipe out the same debt that bitcoin was able to wipe out. You need to give the people an opportunity like they had in the 70-80’s. New American dream.”

Another Bitcoiner requested that the leading digital currency be treated as a commodity with regard to GAAP accounting.

“Bitcoin gave me financial freedom in the aftermath of a lockdown and pandemic to keep my business afloat and indeed grow it,” he said.

Bitcoin gave me financial freedom in the aftermath of a lockdown and pandemic to keep my business a float and indeed grow it. I pay my taxes. I work with my community through my business. I am a bitcoiner. I ask bitcoin be treated as a commodity with regards to gaap accounting.

— Will (@Will3GRA) June 4, 2021

Lummis has stated that she intends to educate her fellow senators on the benefits of the cryptocurrency and will presumably draft regulations to address the issues and concerns raised by individuals.

Last year, Wyoming Banking Board granted Coinbase Global Inc's COIN rival Kraken a banking license, making it the first crypto exchange to operate as a bank.

Price Action: At the time of writing, Bitcoin was trading at $35,636, losing 0.64% over the past 24-hours.

The market-leading cryptocurrency stood at over $30 billion in daily trading volume and accounted for 40.93% of the crypto market at press time.