By George Ward
Lately, several senators have called for a ban on Bitcoin (BTC) in retirement plans. They cited the ongoing crypto market decline and recent events in the crypto sector, such as the FTX collapse.
However, these outcries have not shaken the resolve of Cynthia Lummis, a pro-crypto US Senator. Lummis continues to show unwavering support for including BTC in retirement investment plans.
Lummis Supports Adding BTC To Retirement Investment Plans
Presently, the Senator is among the few outspoken crypto-friendly lawmakers in the US. Some months back, Lummis and Sen Kirsten Gillibrand submitted a regulatory proposal for the crypto sector.
On December 12th, Lummis spoke with Semafor, an online news platform on the crypto sector. She acknowledged that the crypto winter had not affected her faith in BTC.
Furthermore, she said she wants to see Bitcoin added to the US 401(k) retirement plans. In her own words, she said, “I am comfortable with people adding BTC to retirement investment as it is safe and different from other cryptos.”
Additionally, she opined that BTC would go up due to scarcity since there are only 21 million BTC to mine. The pro-crypto supporter said this was her personal belief.
However, Lummis’s recent comment slightly differs from her previous stance on retirement plans last June. Then, she vouched for the addition of other cryptos.
The FTX saga and the crypto winter have changed her heart. At the time, she said, “I want to see people use BTC and other cryptos that are safe and measure up with the country’s Bank Secrecy Act and AML laws.”
Three Senators Asked Fidelity To End BTC Investment Plan
Meanwhile, US Senators Richard Durbin, Elizabeth Warren, and Tina Smith have capitalized on the latest FTX saga to voice their displeasure with cryptos. Before now, the senators had asked Fidelity Investments to reconsider its Bitcoin 401(k) retirement product.
On November 21st, the three senators sent a letter to Abigail Johnson, the CEO of Fidelity. In the letter, they highlighted the November FTX bankruptcy as a primary reason investment firms should stop offering BTC in their retirement plans.
Meanwhile, Adam’s press secretary, Jonah Allon, said, “price fluctuations are normal in every market. All financial products usually experience price fluctuations. Hence, it is wrong to believe that some setbacks in a particular industry would affect its long-term growth.”
Furthermore, other US Senators have been outspoken about the crypto sector lately. For example, at the beginning of this week, Jon Tester argued that crypto is worthless.
According to Tester, crypto should not exist at all. Although the crypto market has received negative reviews due to recent happenings, the FTX debacle worsened matters. Nevertheless, cryptos aren’t worthless as these Senators claim.