Tag: Senator

Senator Cynthia Lummis Defends Bitcoin Again, Says it “Cannot be Stopped”

by Blockchain News

The advocacy for Bitcoin took a new bullish dimension when Senator Cynthia Lummis reiterated her trust in the asset class as a viable asset class.

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In an interview with Hard Money host, Natalie Brunell, Senator Lummis boldly affirmed that Bitcoin “Can’t be stopped” after the host pointed out how a lot of people still do not understand crypto as a “Powerful Tool” that can change lives.

“I love that it can’t be stopped, especially because I’m concerned about our national debt, I’m concerned about inflation… We see things that are inflationary… It’s actually comforting to know that Bitcoin is there,” the senator said.

In the American Senate chamber today, Senator Lummis is far ahead of the curve in being awakened to the potential of digital currency. Her advocacy is firsthand as she acquired her first Bitcoin back in 2013 at a price of $320. With her Bitcoin growing to almost $70,000 in November 2021, she was more convinced that the nascent asset is worth a hedge against inflation.

As a lawmaker, Sen Lummis confirmed that she has not sold any of her Bitcoin stashes and even acquired more last year. As she noted, one of her focuses now is to join the education of other lawmakers to see how the new asset works.

“As people learn more about Bitcoin and become comfortable and familiar with an asset that is online, they’ll begin to see it as … behind them, and they’ll have it for their long-term savings and long-term future.”

Her advocacy for Bitcoin and the broader crypto world made her the brain behind the bipartisan compromise that was contained in the crypto clause in the Infrastructure Bill that was passed last year. Her latest public comments about Bitcoin show she still believes the cryptocurrency is a freedom-friendly type of currency.

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US Senator Challenges Apple and Google about Fraudulent Crypto Apps

by Blockchain News

U.S. Senator. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, is requesting Apple and Google to clarify how they prevent fraudulent cryptocurrency apps on the Apple Store and Google Play Store.

On Wednesday, July 27, the U.S. lawmaker sent two letters addressed to Apple CEO Tim Cook and Google CEO Sundar Pichai, respectively.

Senator Brown is concerned about scams that continue to rob millions of dollars from innocent investors.

The lawmaker wrote in the letters to the two firms: “Cyber criminals have stolen company logos, names and other identifying information of crypto firms and then created fake mobile apps to trick unsuspecting investors into believing they are conducting business with a legitimate crypto firm. Alarmingly, far too many investors have fallen victim.”

Brown mentioned that it is essential for these app stores to have the proper measures in place to prevent fraudulent mobile application activity.

In the letter, Sen. Brown asked for details about these firms’ safeguards to prevent fraudulent activity in their app stores.

Senator Brown wrote: “In recent years, crypto trading platforms and exchanges have experienced a surge in popularity with millions of investors downloading mobile apps to trade and invest in digital assets. Millions of Americans use mobile apps to invest in unregulated digital assets, including cryptocurrencies.”

Brown further asked Apple and Google to provide details about their app review processes that these firms take before approving cryptocurrency apps to operate in their app stores, including steps they take to prevent fraudulent crypto apps, and other information.

The lawmaker has requested both companies to provide responses to the letters by 10th August.

On Thursday, the Senator’s committee held a hearing examining scams in the crypto industry.

New Crypto App Scams

The senator’s letter comes after an FBI report last week, providing details of fraudulent cryptocurrency apps and wallets that purport to be sound investment opportunities.

In the report published on 21st July, the FBI disclosed that 244 investors, within a year, have been scammed out of $42.7 million through fraudulent mobile applications that claim to be legitimate crypto investment platforms.

The FBI report stated that cyber fraudsters are trying to cash in and take advantage of the rising interest in both cryptos investing and mobile banking.

The agency said since last October, it has witnessed scammers contacting U.S. investors with fraudulent offers of crypto investment services and convincing these investors to download fake mobile apps.

Such bogus apps often use the names and logos of legitimate US firms and fraudsters who create fake websites with this information to lure and swindle investors.

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Texas should use Bitcoin mining to capture wasted natural gas: Sen. Ted Cruz

by Cointelegraph

U.S. Senator Ted Cruz believes The United States should be using natural gas to mine Bitcoin instead of flaring it.

Speaking during the Oct. 8 Texas Blockchain Summit, Senator Cruz asserted that Bitcoin mining can be used to monetize energy created through oil and gas extraction rather than burning it, arguing that there is “enormous opportunity for Bitcoin […] to capture that gas instead of wasting it.”

According to a transcription of the talk shared to social media by Coin Metrics founder Nic Carter, Cruz noted that half of the natural gas flared in the country is currently being burned in West Texas. “It’s being wasted because there is no transmission equipment to get that natural gas where it could be used the way natural gas would ordinarily be employed,” he added.

“Use that power to mine Bitcoin. Part of the beauty of that is the instant you’re doing it you’re helping the environment enormously because rather than flaring the natural gas you’re putting it to productive use.”

Cruz emphasized the capacity for Bitcoin mining to be mobilized reflexively in response to fluctuating energy supply, stating that energy could be immediately returned to the grid in the event of a sudden power outage or shortage.

“In five years I expect to see a dramatically different terrain with Bitcoin mining playing a significant role in strengthening and hardening the resilience of the grid,” he added.

Cruz noted that Bitcoin can be used to capture unutilized energy across the globe, arguing: “There are a lot of places on Earth where the sun shines a lot and the wind blows a lot but there aren’t any power lines and it’s not economically feasible to use that energy.”

“The beauty of Bitcoin mining is that if you can connect to the internet, you can use that energy and derive value from those renewables in a way that would be impossible otherwise.”

Cruz is not alone in believing Bitcoin mining could offer an efficient means to capture renewable energy, with El Salvador recently announcing plans for a state-backed Bitcoin mining project powered by renewables.

Related: Bitcoin’s power consumption this year has already surpassed all of 2020’s

Bitcoin mining has become a key industry for the state of Texas following China’s May crackdown on industrial Bitcoin mining firms.

Many miners turned to Texas for its cheap and abundant renewables, while others looked to Kazakhstan, Norway, and Canada to access inexpensive green electricity.