Senator Cynthia Lummis, also known as the “Crypto Queen” of Congress, has proposed a groundbreaking bill to establish a reserve Bitcoin (BTC) fund for the United States government. According to Dennis Porter’s post on X, the bill has garnered substantial public support, evidenced by the fact that over 2,200 letters have been sent to U.S. senators within just 48 hours, urging them to co-sponsor and endorse this strategic Bitcoin reserve legislation.
About 2,200 Letters of Support Have Been Sent to US Senators
In another post, Lummis expressed her gratitude to everyone who took the time to send letters supporting the Bitcoin reserve bill. Notably, the letters were distributed among senators from different political affiliations, showcasing bipartisan interest in the proposal.
BIG BREAKING: In just 48 hours over 2,200 letters have been sent to U.S. Senators requesting them to co-sponsor and support the ‘Strategic Bitcoin Reserve’ bill.
Democrats received – 1,333 letters
Republicans received – 850 letters
Independents received – 41 letters pic.twitter.com/JUHP6mC0bV
— Dennis Porter (@Dennis_Porter_) August 3, 2024
Dennis Porter revealed that the Democrats received the highest number of letters, totaling 1,333, while Republicans received 850 letters, and Independents received 41 letters. This distribution reflects a wide-ranging appeal and a shared interest in exploring the potential of Bitcoin as a national reserve asset.
Meanwhile, the proposed Bitcoin reserve fund aims to position the United States at the forefront of the evolving global financial landscape. Also, proponents argue that establishing a reserve fund in Bitcoin could hedge against inflation, enhance the country’s financial security, and signal a forward-thinking approach to economic policy.
Senator Lummis Delved Into Bitcoin Mining Landscape
Lummis delved into the evolving landscape of Bitcoin mining, nioting the emergence of innovative approaches to energy generation by miners. She highlighted two main facets of Bitcoin mining: grid stabilization through utility-scale operations and energy harvesting.
Senator Lummis’ remarks shed light on the intricate interplay between politics and cryptocurrency regulation, emphasizing the pivotal role of upcoming elections in shaping the trajectory of crypto policy in the United States.
Lummis Advocates Against Tax on Bitcoin Miners
Recall that last month, Lummis released a report that argued against Biden’s mining tax. She also shared a report revealing the environmental and economic benefits of the Bitcoin mining infrastructure to the United States’ energy grid. These facilities, which represent large, flexible electrical loads, can be instrumental in balancing and redistributing energy during peak demand periods.
However, Lummis criticized the government’s 30% excise tax on the energy consumed by the miners. She said, “The Biden administration’s dangerous scheme to tax Bitcoin miners is a blatant attack on innovation, energy abundance, and American excellence.”
One of the key arguments in Lummis’ report is that the proposed 30% tax would harm the environment by discouraging Bitcoin miners from pursuing sustainable energy sources and energy recycling techniques.
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