Pro-crypto Republican Senator Cynthia Lummis is preparing to unveil new legislation that would establish Bitcoin as a mainstream financial asset.
Lummis has been discreetly working on a bill that would mandate the Federal Reserve to hold Bitcoin as a strategic reserve asset, Fox Business reported, citing three crypto executives familiar with the matter.
Insiders suggest Lummis aims to reveal the bill on Saturday during the Bitcoin Conference in Nashville, Tennessee, just before Donald Trump’s scheduled speech.
Her team hopes for Trump’s endorsement of the bill.
However, it is worth noting that the plan is still evolving and the announcement could be delayed.
Lummis May Announce Bitcoin Reserve Bill on Friday
Lummis may also announce the bill during a Friday afternoon fireside chat moderated by former Democratic Representative Tulsi Gabbard, now a supporter of Trump’s presidential bid.
While the bill’s details have not been publicly disclosed, Lummis hinted at a significant upcoming announcement on her social media, writing, “Big things are in store this week. Stay tuned!”
₿ig things are in store this week. Stay tuned!
— Senator Cynthia Lummis (@SenLummis) July 22, 2024
A source familiar with the initial drafts of the legislation indicated that the bill aims to direct the Federal Reserve to purchase and hold Bitcoin similarly to how it manages gold and foreign currencies.
The move is intended to stabilize the U.S. monetary system and the value of the U.S. dollar.
Lummis has been seeking support from her colleagues on the Senate Banking Committee to co-sponsor the bill.
“Having the Fed hold Bitcoin as a strategic reserve asset would be a momentous move that brings stability to the U.S. dollar and our capital markets. It also signals that our central bank is embracing innovation,” Alex Chizhik, chief commercial officer at HarrisX, told Fox Business.
The bill’s implementation would require support from both the president and Congress, a challenging feat given the skepticism surrounding digital currencies.
The $2 trillion crypto industry has faced significant fraud issues, and many economists remain wary of its value as a financial asset.
Currently, the U.S. is the largest nation-state holder of Bitcoin, with around 210,000 Bitcoins valued at over $66,000 each, primarily obtained through Department of Justice seizures from illicit activities.
Trump to Address Bitcoiners During Bitcoin Conference
The Bitcoin Conference, featuring notable figures such as MicroStrategy’s Michael Saylor, Ark Invest’s Cathie Wood, former presidential candidate Vivek Ramaswamy, and independent candidate Robert F. Kennedy Jr., occurs amid a heated national political landscape.
Both parties are courting crypto-owning voters in what promises to be a tightly contested presidential election in November.
There are also rumors that Trump may designate Bitcoin as a strategic asset at the forthcoming Bitcoin 2024 Conference in Nashville.
Dennis Porter, co-founder of the non-profit organization Satoshi Act, revealed that insider sources have suggested this move is on Trump’s agenda.
As reported, Kamala Harris’ campaign considered participating in the upcoming Bitcoin Conference.
However, she later announced her decision not to speak at the conference.
JUST IN: Kamala Harris decided NOT to speak at #Bitcoin 2024 Conference in Nashville, CEO David Bailey confirms. pic.twitter.com/FSMVemzEGM
— Bitcoin Magazine (@BitcoinMagazine) July 24, 2024
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