Senator Cynthia Lummis plans to introduce new crypto-friendly legislation.
The bill requires the Federal Reserve to buy and hold Bitcoin as the country’s strategic reserve.
The move is expected to elevate the US economy to lead global finance.
Republican Senator Cynthia Lummis is expected to introduce new crypto-friendly legislation during the Bitcoin Conference 2024 in Nashville on Saturday. According to sources familiar with the matter, Lummis plans to announce Bitcoin as a strategic reserve asset.
The bill’s details remain under wraps, but a source revealed that it would mandate the Federal Reserve to purchase and hold Bitcoin as a reserve asset. The central bank currently holds gold and foreign currencies to manage the U.S. monetary system and maintain the dollar’s stability.
Alex Chizhik, chief commercial officer at the research firm HarrisX, commented on the potential benefits of raising Bitcoin’s status as the US strategic reserve. He cited,
“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 sends a loud signal that our central bank is embracing innovation and as an independent body, is the natural nonpartisan home for bitcoin.”
Earlier this week, Lummis posted a cryptic message on her X (formerly Twitter) account, hinting at an unspecified development: “₿ig things are in store this week. Stay tuned!”
While Lummis has not confirmed reports of the new bill, analysts see her X post as a sign of the legislation’s potential introduction. With the announcement reportedly planned ahead of former President Donald Trump’s scheduled speech at the conference, her staff hopes Trump will endorse the bill.
Previously, analysts speculated that Trump might declare Bitcoin as a national reserve asset. Experts like Simon Dixon and Dennis Porter confirmed rumors about Bitcoin’s new position in the US economy, poised to elevate the country’s financial system to global heights.
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