As a seasoned crypto investor with over two decades of experience under my belt, the recent push by Senator Cynthia Lummis for the Bitcoin Strategic Reserve Act has certainly piqued my interest. Having navigated through multiple market cycles, I’ve learned to appreciate the foresight and strategic thinking that such an initiative represents.
Senator Cynthia Lummis, a supporter of cryptocurrency, is stepping up her initiatives to progress the Bitcoin Strategic Reserve Act, an idea originally presented by former President-elect Donald Trump at the National Bitcoin Conference held earlier this year.
This project intends to make the U.S. a leader in Bitcoin usage, setting it apart from the regulatory environment under the Biden administration’s oversight.
Lummis Advocates For 20-Year Bitcoin Reserve
During a chat on CNBC’s Squawk Box, Lummis shared her thoughts about the potential crypto regulations that might emerge if a second term was secured by the Trump administration.
Senator Lummis emphasized a rising interest in establishing a legislative structure for digital assets, a cause she’s been working on jointly with Senator Kirsten Gillibrand for quite some time. Their goal is to progress with this structure, which could possibly lead to Congress adopting it as early as 2025.
The Senator additionally highlighted a tactical plan suggesting America should purchase and maintain Bitcoin for two decades. She posits that this method could not only bolster the US dollar‘s standing as the global reserve currency but also act as a buffer to lessen the burden of the national debt, which currently amounts to around $36 trillion.
Emphasizing Bitcoin’s distinct traits, Lummis referred to it as unchangeable and conveniently holdable, suggesting that it could be a fitting option for involvement by federal and state governments. She argued that Bitcoin ought to be regarded as the benchmark for digital gold.
Regarding inquiries concerning the financing of the Bitcoin Strategic Reserve, Lummis clarified that no fresh federal funds would be needed. Instead, she highlighted the current reserves maintained by the twelve Federal Reserve banks, which include gold certificates that could be swapped for their fair market value and subsequently utilized to acquire Bitcoin.
Moreover, the senator who advocates for cryptocurrency pointed out that there are approximately 200,000 BTC held in the U.S. government’s asset forfeiture fund, a potential starting point for financial resources.
Bipartisan Support Grows For Lummis’s Bill
It’s worth noting that when questioned about her personal ownership of cryptocurrencies, Lummis admitted to having five Bitcoins, along with other unspecified stocks managed in a blind trust. To alleviate any concerns regarding potential conflicts of interest, Lummis explained that Bitcoin is categorized as a commodity.
Senator Lummis pointed out that Bitcoin is considered legal tender in certain nations and proposed that it should also be acknowledged as such within the United States. In his view, Bitcoin stands apart from other asset types because it functions both as a means to store value and facilitate transactions.
Lummis proposed that people can personally hold Bitcoin, not requiring it to be kept in a blind trust. This stance, she believes, strengthens her standing with decision-makers as a proponent of the issue.
Previously mentioned by Bitcoinist, Lummis’s proposal is gaining cross-party backing within Congress, as legislators from diverse political perspectives are advocating for the creation of a strategic Bitcoin reserve.
After delivering a powerful speech at the 2024 Conference in Nashville, she conveyed her optimism regarding the proposal’s likelihood of success. Lummis believes that bipartisan collaboration can pave the way for setting up the strategic reserve within the initial 100 days of Trump’s presidency, possibly by mid-April 2025.
At the time of writing, BTC is trading at $96,300, up 9.5% on a weekly basis.
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2024-11-21 21:12