According to TechFlow, on July 25, Fox Business disclosed that Wyoming Senator Cynthia Lummis is preparing to announce an important legislation at the upcoming Bitcoin Conference, requiring the Federal Reserve to use some Bitcoin as a strategic reserve asset. According to sources, Lummis hopes to release the proposal before Trump's speech on Saturday to win Trump's support. Lummis previewed the major announcement on social media this week, saying "big things are going to happen this week, so stay tuned."

Although the specific content of the bill has not yet been made public, preliminary drafts show that the bill will instruct the Federal Reserve to purchase Bitcoin and hold it as a reserve asset, similar to how the Federal Reserve holds gold and foreign exchange. Lummis is also actively communicating with colleagues on the Senate Banking Committee to get them to become co-sponsors of the bill. In addition, Lummis may also choose to announce the bill at a fireside chat hosted by former Democratic Congresswoman Tulsi Gabbard.

Alex Chizhik, chief business officer of HarrisX, said that if the Federal Reserve holds Bitcoin as a strategic reserve asset, it will be a major move, which will not only bring stability to the US dollar and capital markets, but also send a signal to the outside world that the central bank embraces innovation.