Pro-crypto U.S. senator: Bitcoin is the standard for other cryptos, XRP might be a security

By Selena On Nov 3, 2021

In an interview with CNBC’s Squawk Box, US senator Cynthia Lummis from Wyoming talked to the host about Bitcoin, Doge, XRP, and other cryptocurrencies. In it, she praises BTC as much as doubts about Ripple’s native token.

“I do think that #bitcoin is here to stay, and I think a lot of the others are not,” says @SenLummis. “#Bitcoin is the standard. Everything else has to be monitored differently because they are created differently.” pic.twitter.com/yvWvz0hjFm

— Squawk Box (@SquawkCNBC) November 2, 2021

Senator Cynthia Lummis said Bitcoin is the standard, hinting XRP, ETH might be securities

Known for his pro-BTC views, Lummis was asked if there were any other cryptocurrencies, whose prices were shown on screens during the show (including Dogecoin, XRP, Litecoin, and Ethereum), will go parallel with Bitcoin or not. According to Lummis, Bitcoin is here to stay, while not all other cryptocurrencies are.

She believes that Bitcoin is the standard and is definitely here to stay. As for the top altcoins mentioned above, she said that they must be monitored differently because they are created in a different way. She mentioned that Bitcoin is completely decentralized, implying that other mentioned coins may not.

In particular, she was referring to a cryptocurrency that is issued by a person or organization, released into circulation in large amounts held by the issuer. Although she did not name the cryptocurrency, the senator has stated that this could be a security. While she didn’t specify whether it was XRP or Ethereum, she did list the key features commonly associated with these coins. And of course one can guess that it is Ripple’s native token.

BTC/USD 4-hour chart | Source: TradingView

Ultimately, she remains certain that Bitcoin is a commodity and is digital gold. At the time of writing, BTC is changing hands at $63,014.

Read more: