Bitcoin
Lummis Proposes Fed Adopts Bitcoin as Reserve Asset at Nashville Conference
Senator from Wyoming Cynthia Lummis known for her pro-crypto stance, plans to propose that the Federal Reserve hold Bitcoin as a strategic reserve asset, similar to gold and foreign currencies, Fox News reported on July 24th.
The Republican senator, known for her pro-crypto stance, plans to propose that the Federal Reserve hold Bitcoin as a strategic reserve asset, similar to gold and foreign currencies. Sources told Fox that Lummis expects the former president Donald Trump will endorse the bill, giving significant weight to its proposal.
The news comes amid rumors that Trump, who is also set to speak at the conference, had plans to endorse Bitcoin as a strategic reserve asset. Trump has expressed strong support for Bitcoin and crypto in recent weeks, which has led to endorsements from industry leaders in the crypto and technology sectors.
Details of the bill remain under wraps, but initial drafts suggest it directs the Fed to buy and hold Bitcoin as a reserve asset. Lummis has been quietly seeking support from colleagues on the Senate Banking Committee for co-sponsorship, the report said.
The U.S. currently holds about 210,000 bitcoins, valued at more than $66,000 per token, mostly through Justice Department seizures from illicit actors. Lummis, a Bitcoin investor and vocal advocate, has previously suggested diversifying the Fed’s $40 billion in foreign currencies with Bitcoin.
However, the proposal faces significant challenges obstacles under the current administrationwho has taken a cautious approach to digital assets.
The conference will feature other prominent figures such as MicroStrategy’s Michael Saylor, Ark Invest’s Cathie Wood, and independent candidate Robert F. Kennedy Jr.
vice president Kamala Harristhe likely Democratic candidate, declined an invitation for the conference, but is reportedly open to courting cryptocurrency voters.
If introduced, Lummis’ bill could signal a major shift in U.S. financial policy, potentially driving up the value of Bitcoin and prompting other nations to follow suit. The fate of the legislation will depend on congressional support and the outcome of November’s presidential election.