Senator Lummis pushes forward crypto plans after Trump victory: Law Decoded
After Donald Trump's victory in the 2024 US presidential election, Senator Cynthia Lummis, a well-known crypto advocate, announced her support for a proposal to establish a Bitcoin (BTC) reserve. This initiative aligns with Trump's previous statements on making the US a "Bitcoin superpower" and not liquidating seized Bitcoin assets. Lummis, a Republican from Wyoming, has been pushing for the US Treasury to acquire 1 million BTC, approximately 5% of Bitcoin's total supply, over the next five years. The goal is to hold these assets for at least two decades, leveraging them as a strategic reserve to strengthen the US financial system.
Lummis’s proposal, part of the BITCOIN Act of 2024 (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act), suggests using Bitcoin as a tool to reduce national debt and hedge against inflation. The plan is seen as a move to enhance the country’s position in the global financial landscape, especially as the Republican Party prepares to take majority control in Congress, which could help push the legislation forward. Notable figures in the crypto community, such as Michael Saylor and Pierre Rochard, have expressed their support, seeing it as a step towards financial innovation.
For more details, you can refer to sources like Decrypt and Crypto Briefing that cover the latest developments on this proposal.