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Solstin opposes Lummis’ bill; says Bitcoin should be separate from other digital assets

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U.S. Senate candidate Brian Solstin tweeted against Senator Cynthia Lummis’s bill to include digital assets in the U.S. financial system, arguing that Bitcoin should be treated separately from other digital assets, using a report published by financial services company Fidelity Investments to explain why. .

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Senator Lummis co-sponsored the bill with Senator Kristen Gillibrand. The bill proposed to fully integrate all crypto assets into the existing financial system. The bill does not distinguish between crypto assets, but proposes the creation of a separate organization to manage their implementation.

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Candidate Solstin opposed only the part of the bill that dealt with all cryptoassets without distinction. According to Solstin, bitcoin is fundamentally different from all other digital assets and requires special treatment when included in the financial system.

Why should Bitcoin be different?

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fidelity investment report sees Bitcoin as a monetary commodity on its way to becoming the mainstream money of the future, unlike any other crypto asset.

Bitcoin is the future of money

The report claims that bitcoin represents a better monetary good than gold or other fiat currencies, which is why it will become the main currency in the world.

Bitcoin, gold and fiat money

Compared to gold and fiat money, Bitcoin stands out for its durability, divisibility, fungibility, portability, verifiability, and rarity. Despite a discouraging track record, Bitcoin still appears to be the best monetary option after a comprehensive comparison.

Additionally, the report notes that the Bitcoin network offers the largest, most secure, and most decentralized system of any asset, crypto or otherwise. These vital characteristics significantly affect the future of Bitcoin as a future currency.

Other crypto assets

While acknowledging the strengths of other crypto assets, the report states that none of them have the characteristics needed to become the currency of the future and therefore need to be evaluated from a different perspective than Bitcoin.

The report says:

“There is not necessarily a mutual exclusion between the success of the Bitcoin network and all other digital asset networks. Rather, the rest of the digital asset ecosystem may serve other needs or solve other problems that bitcoin simply does not solve.”

That’s why other assets

The report states that in order to highlight this difference and protect investors accordingly, the legal framework should be divided into two parts: one to examine the emergence of Bitcoin as a future currency, and the other to assess the value of other crypto assets.

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