State legislators in the United States are currently engaging in consultations with crypto experts to ensure the successful passage of the “Strategic Bitcoin Reserve” legislative proposal.
U.S. Senator Cynthia Lummis disclosed the nation’s dedication to establishing a strategic Bitcoin reserve during her commentary on Trump’s election. U.S. legislators are currently seeking the help of crypto experts to facilitate the passage of the Strategic Bitcoin Reserve legislative plan, following their recent electoral victory. During his speech at the Bitcoin Conference 2024 in Nashville, Donald Trump made a number of commitments to the crypto community. Among these commitments was the establishment of a Bitcoin Reserve in the United States.
In an effort to secure the ballots of the 50 million crypto holders in the United States, Donald Trump expanded his campaigns to include the cryptocurrency community. The former president made a few promises to promote the development of the industry and establish America as the global crypto center during his speech at the 2024 Bitcoin conference.
The establishment of a Strategic Bitcoin Reserve in the U.S. Federal Reserve was perhaps the most ambitious and consequential promise. Several state legislators have reportedly reached out to industry experts after winning their elections to request their help in enacting the policy, in accordance with this promise.
Dennis Porter, the CEO and co-founder of the Satoshi Act Fund, disclosed that numerous legislators have contacted him for advice regarding the passage of the Bitcoin reserve policy. Porter encouraged his 170,000 followers on Twitter to mention state legislators in the remark portion of the post in order to encourage their states to participate in the Strategic Bitcoin Reserve movement.
Matt Hall, the state representative of Michigan’s 42nd District, Ron DeSantis, the governor of Florida, and Trevor Lee from Utah are among the state representatives from various regions of the country. X users have tagged them. Porter has verified that other legislators have begun to contact him following the publication of the post.
Cynthia Lummis, the U.S. Senator from Wyoming, reaffirmed on November 6th that the Trump administration is on course to establish a strategic Bitcoin reserve in the wake of Trump’s victory.
The United States is the government with the largest Bitcoin holdings, as per Bitcoin Treasuries. At present, the United States government possesses 208,109 Bitcoin (BTC) valued at $15.81 billion at market prices.
Upon the closure of Silk Road, an unlawful marketplace on the dark web, investigators confiscated the assets. The United Kingdom is in third place with 61,245 Bitcoin, while China falls behind the U.S. with 190,000 Bitcoin worth $14.44 billion.
In the same Nashville speech, Trump also pledged to provide support to the Bitcoin mining sector in the United States in order to surpass competitors such as China. Additionally, he declared that his administration would guarantee an adequate supply of electricity to facilitate the Bitcoin mining process.
