Senator Cynthia Lummis (R-Wyo.) celebrated the passage of a pro-Bitcoin BTC/USD bill, emphasizing the importance of states’ rights in the cryptocurrency landscape.
What Happened: On Monday, Cynthia Lummis lauded the passing of a law aimed at defending Bitcoin rights and banning Central Bank Digital Currencies in the state of Louisiana. The senator expressed her enthusiasm in an X post, stating, “States leading the way. This is why Bitcoiners should be American patriots. You can fight for your rights and WIN.”
See Also: Crypto Analyst Predicts Bitcoin To Blast Off To $90,000 If This Happens
The landmark legislation enshrines the right to self-custody of cryptocurrencies, the right to spend and accept Bitcoin for transactions, and support for Bitcoin mining in industrial areas. At the same time, the law prohibits citizens from using digital currencies like CBDCs for transactions.
Why It Matters: Cynthia Lummins, a known cryptocurrency and Bitcoin advocate, was at the forefront of a bipartisan campaign to overturn a policy implemented by the SEC seen as hindering crypto adoption.
Earlier this year, Senators Lummis and Senator Kirsten Gillibrand (D-N.Y.) introduced a stablecoin bill, aiming to define the operation of these digital tokens within the American financial system. Lummis emphasized that the bill addresses "the growing demand for our ever-evolving financial industry" and upholds the U.S. dollar’s preeminence in the global financial system.
Price Action: At the time of writing, Bitcoin was exchanging hands at $60,627.11, down 3.36% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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