Senator Cynthia Lummis: Bitcoin as a Tool for National and Energy Security
U.S. Senator Cynthia Lummis of Wyoming, a longtime Bitcoin advocate, reaffirmed her support for the cryptocurrency at the Bitcoin 2023 conference in Miami. Speaking alongside Perianne Boring, founder and CEO of the Chamber of Digital Commerce, Lummis described Bitcoin as a key component of America’s national security and energy future.
During the fireside chat on May 19, Lummis argued that Bitcoin provides a decentralized safeguard for citizens amid rising national debt and economic uncertainty. “It is a national security issue,” she said, warning that debt interest payments could soon surpass U.S. defense spending.
Bridging the Education Gap in Washington
Lummis attributed much of the resistance to pro-Bitcoin legislation in Congress to misinformation rather than genuine opposition.
“Even though you all know that when FTX failed, they held zero Bitcoin,” she told the audience, “there are a lot of people in Washington that conflate companies with digital assets.”
The senator hopes that her forthcoming bipartisan bill, co-authored with Senator Kirsten Gillibrand of New York, will help establish a clear framework for digital assets. The pair plan to introduce it after assessing progress on a related House bill addressing stablecoins.
Bitcoin Mining and Environmental Benefits
Perianne Boring shifted the conversation to Bitcoin mining, noting that over half of the U.S. Bitcoin hash rate comes from her organization’s members. She voiced concern over the White House’s proposed 30% tax on mining operations.
Lummis quickly reassured attendees: “That isn’t going to happen,” drawing cheers from the crowd. She emphasized that members of Congress are working closely with the digital asset community to promote fair regulation.
The senator highlighted how Bitcoin mining could aid environmental and energy goals. She explained that mining operations can utilize vented methane from remote oil wells — turning waste emissions into productive energy.
“Bitcoin is cleaning up the environment,” she said, adding that mining can also help stabilize the power grid by adjusting operations based on electricity demand.
Regulation and Law Enforcement Synergy
Lummis addressed another misconception in Washington — the belief that Bitcoin is primarily used for criminal activities. She argued that blockchain analytics tools make it easier to track illegal transactions than with traditional currency.
“Companies like Chainalysis can solve crimes easier with Bitcoin than they can with U.S. dollars,” she said, warning that driving Bitcoin innovation overseas would hinder U.S. law enforcement in a digital economy.
Looking Ahead
Senator Lummis’ message was clear: Bitcoin is not just a financial innovation but a matter of strategic importance for the United States. From protecting against economic instability to advancing environmental technology and energy resilience, Lummis envisions Bitcoin as a cornerstone of America’s digital and economic sovereignty.
