Senator Cynthia Lummis Bitcoin Bill Bags 2200 Co-Sponsor Requests

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As a seasoned crypto investor with a keen eye for political trends, I find Senator Cynthia Lummis’ proposed “Strategic Bitcoin Reserve” bill to be a game-changer for the US economy and the global crypto landscape. Having weathered several market cycles, I can attest that her bipartisan approach is a breath of fresh air in an industry often plagued by partisan politics.

During the BTC Conference 2024 in Nashville, Senator Cynthia Lummis of Wyoming – often referred to as “the Bitcoin Senator” – unveiled a groundbreaking bill. Notably, her proposed “Strategic Bitcoin Reserve” bill has garnered significant backing, with more than 2,200 letters sent to U.S. Senators in just two days, seeking co-sponsorship. Furthermore, the senator hinted that a Trump administration could potentially be a major catalyst for the crypto industry’s growth.

Senator Cynthia Lummis On BTC Reserve

According to a post by Dennis Porter, the founder of Satoshi Action Fund, there were 1,333 letters from Democrats regarding the bill, as part of bipartisan outreach efforts. In contrast, Republicans submitted 850 letters, and Independents, 41. This suggests an increasing curiosity about Bitcoin among individuals across various political affiliations.

Senator Lummis emphasized the importance of creating a strategic Bitcoin reserve to enhance our country’s financial stability. She pointed out our nation’s vulnerable fiscal position, as the U.S. is rapidly approaching $35 trillion in debt and its debt-to-GDP ratio is nearing 120%. In an interview with Bitcoin Magazine, she cautioned that continuing to print money without any backing could be detrimental, saying, “We can’t go on printing money around the clock without anything to back it.”

Furthermore, Senator Cynthia Lummis drew a parallel between the suggested Bitcoin reserve and existing strategic reserves, like the Strategic Petroleum Reserve and extensive federal property ownership. These serve as repositories of worth.

During the interview, Lummis consistently stressed the necessity of cross-party agreement for Bitcoin-related laws. She showcased her cooperative work with Senator Kirsten Gillibrand (D-NY) to promote Bitcoin-friendly policies as prime examples. Looking back on past achievements, she shared an example from the SEC where bipartisan cooperation led to a favorable technical accounting rule.

Despite its specialized and complex nature, the repeal of SAB 121 garnered unexpected support from both political parties, as mentioned by Lummis. This is because, surprisingly, a legislative piece considered so technical and deeply involved was welcomed by Democrats and Republicans alike.

How Will Trump Administration Alter Crypto Regulation In The U.S.?

The conversation further explored the possible effects of a Trump presidency on Bitcoin. Senator Cynthia Lummis voiced positivity towards Donald Trump’s approach, referencing his pro-business attitude and forward-thinking nature. In her words, “President Trump is an innovative business advocate, and he will encourage his agency heads to move their departments in a similar direction.”

Beyond this, Lummis foresaw substantial transformations in regulatory bodies during Trump’s administration. Among these were the Federal Reserve, the Treasury, the Securities and Exchange Commission (SEC), and others. She voiced her concerns over the existing regulatory landscape for its lack of clarity and its tendencies towards penalization.

1. “People aim to follow the rules, but if you’re unsure about what the law entails, it’s like blindly throwing darts at a target labeled ‘compliance,'” she clarified.

To add, Lummis emphasized the increasing recognition of Bitcoin by traditional financial institutions and political figures. She highlighted influential personalities such as Larry Fink from BlackRock and Michael Saylor at MicroStrategy, who have incorporated Bitcoin into their business strategies. “The doubters are beginning to understand that this is genuine; it’s a legitimate investment category,” she declared.

As a crypto investor, I can’t help but notice the growing political backing for Bitcoin. The increasing number of U.S. senators attending conferences is a testament to this fact. In my view, Bitcoin has evolved to a point where it’s becoming more mainstream, resembling what we call “Main Street” money. Senator Lummis put it perfectly when he described Bitcoin as both “freedom money” and “digital gold.” This dual identity encapsulates the unique value proposition of this digital asset in my eyes.

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2024-08-03 11:50