Sens. Cynthia Lummis (R-WY) and Sen. Kyrsten Sinema (D-AZ) have co-launched the bipartisan Financial Innovation Caucus aimed at highlighting innovation financial system solutions on how “technologies can make markets more inclusive, safe, and prosperous for all Americans,” the two lawmakers announced Tuesday morning.
Lummis and Sinema said the caucus’s primary function will be to discuss policy prescriptions on how to boost U.S. competitiveness utilizing the following technologies and strategies:
- Responsible financial innovation
- Distributed ledger technology (blockchain)
- Digital assets
- Artificial intelligence and machine learning
- Data management
- Consumer protection
- Combating money laundering
- Faster payments
- Central bank digital currencies
- Promoting financial inclusion and opportunity for all
“The United States is the world leader in the global financial system, but that position is a privilege, not a right,” Lummis, who is the first U.S. senator to own Bitcoin, said in a statement. “It is also a huge, often-underappreciated benefit to every American. We need to work together to bring our financial system into the 21st century in order to maintain our leadership and ensure that future Americans can enjoy the same opportunity and prosperity that we experience today.”
Sinema added: “Two of my most important jobs are keeping America safe and secure and supporting Arizona job creation. Boosting innovation in our financial system ensures the United States remains a global economic leader while expanding job opportunities in Arizona and across the country.”
Other members of the caucus include Sens. Tim Scott (R-SC), Mike Braun (R-IN), Marsha Blackburn (R-TN), Bill Cassidy (R-LA), and John Hickenlooper (D-CO).
The caucus comes as China is launching its digital yuan, a central bank digital currency designed to replace some of the country’s money in circulation. The People’s Bank of China is leading the mammoth project and has begun trialing the currency in Shenzhen and Chengdu. A Senate aide told Breitbart News that the introduction of the digital yuan underscores the economic threat that the U.S. faces if it doesn’t embrace financial innovation at a quicker pace.
“Communist China is already rolling out a digital yuan, and they want to knock the U.S. down from our place as the global financial leader. This would have very significant, painful consequences for the U.S., and would also empower the CCP with greater control both at home and abroad,” the aide warned. “The U.S. needs to innovate, and this caucus will play a big part in that innovation.”