U.S. Senator Cynthia Lummis, a crypto advocate, supports President-elect Donald Trump’s proposal for a Bitcoin reserve and plans to pursue the legislation in the Senate. The initiative involves acquiring 1 million BTC, about 5% of its total supply, and holding it for at least 20 years. This proposal comes as Republicans are preparing for Senate majority control.
Meanwhile, California’s Department of Financial Protection and Innovation (DFPI) permanently revoked the lending license of BlockFi, a cryptocurrency lender, amid its bankruptcy proceedings. Additionally, Caroline Ellison, former CEO of Alameda Research, received a two-year prison sentence for her role in fraud and money laundering related to FTX’s collapse.
Finally, Crypto.com faced a regulatory warning in Poland as the platform is not registered as a virtual asset service provider under Polish law.
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<p>The post “Senator Lummis Supports Trump’s Bitcoin Reserve Proposal” first appeared on CoinBuzzFeed.</p>
