Cryptocurrency is rapidly becoming a matter of politics, and upcoming elections will have a decisive impact on the future of crypto in the United States, according to Senator Cynthia Lummis, who spoke at the Bitcoin Policy Summit in Washington, D.C. Lummis also noted that advancements in mining could strengthen the pro-crypto argument.
Lummis expressed concern about the current political climate, stating, “In this administration, there are several high-ranking policy positions held by individuals who perceive Bitcoin as a threat because they cannot control it.” As a result, she explained that regulators are inclined to focus on the negative aspects of crypto, despite its numerous benefits.
Lummis identified the Senate Banking Committee as a potential obstacle to crypto progress, and highlighted the significance of the Senate race in Ohio in determining the political landscape for cryptocurrencies. Ohio Senator Sherrod Brown, the current chairman of the Senate Banking Committee, has voiced skepticism towards crypto and is facing a challenge from Bernie Moreno.
Additionally, Lummis mentioned the importance of educating Montana Senator and Banking Committee member John Tester’s opponent about Bitcoin and Blockchain technology. Although Lummis did not reveal the opponent’s name, three Republican candidates will compete in the Montana primaries leading up to the national election.
Lummis emphasized the presence of strong advocacy within the Finance Committee and the House Agriculture Committee. She proceeded to discuss mining, noting that Bitcoin miners are beginning to explore innovative methods of energy generation. Lummis explained that Bitcoin mining can be viewed in two ways: grid stabilization on a utility scale, and energy harvesting. She highlighted the potential of energy harvesting using methane gas as a means to present Bitcoin’s energy usage in a positive light, rather than as a parasitic force.
The article also included a related story about the Iranian Bitcoin mining industry, but no further information was provided.