Wyoming
Senator
Cynthia
Lummis
known
for
her
pro-crypto
stance,
plans
to
propose
that
the
Federal
Reserve
hold
Bitcoin
as
a
strategic
reserve
asset,
akin
to
gold
and
foreign
currencies,
Fox
News
reported
on
July
24.
The
Republican
senator,
known
for
her
pro-crypto
stance,
plans
to
propose
that
the
Federal
Reserve
hold
Bitcoin
as
a
strategic
reserve
asset,
akin
to
gold
and
foreign
currencies.
Sources
told
Fox
that
Lummis
hopes
former
President
Donald
Trump
will
endorse
the
bill,
lending
significant
weight
to
her
proposal.
The
news
comes
amid
rumors
that
Trump,
who
is
also
slated
to
speak
at
the
conference,
had
plans
to
endorse
Bitcoin
as
a
strategic
reserve
asset.
Trump
has
voiced
strong
support
for
Bitcoin
and
crypto
in
recent
weeks,
which
has
led
to
endorsements
from
industry
leaders
across
crypto
and
tech
sectors.
Details
of
the
bill
remain
under
wraps,
but
initial
drafts
suggest
it
directs
the
Fed
to
purchase
and
hold
Bitcoin
as
a
reserve
asset.
Lummis
has
been
discreetly
seeking
support
from
colleagues
on
the
Senate
Banking
Committee
for
co-sponsorship,
the
report
said.
The
US
currently
holds
around
210,000
bitcoins,
valued
at
over
$66,000
per
token,
primarily
through
Department
of
Justice
seizures
from
illicit
actors.
Lummis,
a
Bitcoin
investor
and
vocal
advocate,
previously
suggested
diversifying
the
Fed’s
$40
billion
in
foreign
currencies
with
Bitcoin.
However,
the
proposal
faces
significant
hurdles
under
the
current
administration,
which
has
taken
a
cautious
approach
toward
digital
assets.
The
conference
will
feature
other
prominent
figures
like
MicroStrategy’s
Michael
Saylor,
Ark
Invest’s
Cathie
Wood,
and
independent
candidate
Robert
F.
Kennedy
Jr.
Vice
President
Kamala
Harris,
the
likely
Democratic
nominee,
declined
an
invitation
to
the
conference
but
is
reportedly
open
to
courting
crypto
voters.
If
introduced,
Lummis’
bill
could
signal
a
major
shift
in
US
financial
policy,
potentially
driving
up
Bitcoin’s
value
and
prompting
other
nations
to
follow
suit.
The
legislation’s
fate
will
depend
on
Congressional
support
and
the
outcome
of
the
November
presidential
election.
Mentioned
in
this
article
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Author: Assad Jafri
