Senator Cynthia Lummis to Introduce Bitcoin Strategic Reserve Bill at Bitcoin Conference: FOX Business
Pro-crypto Republican Senator Cynthia Lummis is preparing to unveil new legislation that would establish Bitcoin as a mainstream financial asset.
Lummis has been discreetly working on a bill that would mandate the Federal Reserve to hold Bitcoin as a strategic reserve asset, Fox Business reported, citing three crypto executives familiar with the matter.
Insiders suggest Lummis aims to reveal the bill on Saturday during the Bitcoin Conference in Nashville, Tennessee, just before Donald Trump’s scheduled speech.
Her team hopes for Trump’s endorsement of the bill.
However, it is worth noting that the plan is still evolving and the announcement could be delayed.
Lummis may also announce the bill during a Friday afternoon fireside chat moderated by former Democratic Representative Tulsi Gabbard, now a supporter of Trump’s presidential bid.
While the bill’s details have not been publicly disclosed, Lummis hinted at a significant upcoming announcement on her social media, writing, “Big things are in store this week. Stay tuned!”
₿ig things are in store this week. Stay tuned!
— Senator Cynthia Lummis (@SenLummis) July 22, 2024
A source familiar with the initial drafts of the legislation indicated that the bill aims to direct the Federal Reserve to purchase and hold Bitcoin similarly to how it manages gold and foreign currencies.
The move is intended to stabilize the U.S. monetary system and the value of the U.S. dollar.
Lummis has been seeking support from her colleagues on the Senate Banking Committee to co-sponsor the bill.
“Having the Fed hold Bitcoin as a strategic reserve asset would be a momentous move that brings stability to the U.S. dollar and our capital markets. It also signals that our central bank is embracing innovation,”
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