Commenting on Trump’s victory, U.S. Senator Cynthia Lummis reaffirmed the plan to establish a strategic Bitcoin reserve for the United States.
Highlights:
- Senator Cynthia Lummis reiterates her commitment to creating a strategic Bitcoin reserve.
- With a Republican majority in Congress, the likelihood of passing Lummis’s crypto bill has increased.
- If successful, this initiative would make the U.S. the largest Bitcoin-holding nation.
Following Trump’s election win, Senator Cynthia Lummis unveiled details of a key legislative proposal focused on the Federal Reserve, reaffirming plans to build a strategic Bitcoin reserve.
Senator Lummis Champions “Bitcoin Bill” as Part of Strategic Reserve Amid Trump’s Win
Senator Cynthia Lummis, a proponent of Bitcoin, introduced a proposal earlier this year advocating for a “Bitcoin Bill.” In light of Trump’s win, Lummis emphasized the commitment to establish a strategic U.S. Bitcoin reserve.
Lummis also stressed the Federal Reserve’s role in accumulating Bitcoin to strengthen the U.S. dollar and manage national debt. Officially titled the “Innovative Investment for National Competitiveness Enhancement Act,” or the “Bitcoin Bill,” the proposal seeks to bolster the U.S. economy through Bitcoin reserves.
With the Republican Party now holding majorities in both the Senate and the House, the prospects for passing Lummis’ Bitcoin Bill through Congress have significantly improved. Unlike previous bipartisan efforts that stalled under a divided Congress, the current political landscape may facilitate swift approvals. Building a substantial Bitcoin reserve aligns with Trump’s pro-crypto stance.
The proposal aims for the U.S. Federal Reserve to accumulate up to 5% of Bitcoin’s total supply, targeting the acquisition of 1 million BTC annually. This plan represents a notable shift in U.S. economic policy and could influence markets in anticipation of the new administration.
According to Propy Escrow CEO Natalia Karayaneva, Senator Lummis will provide further details on this proposal at an upcoming summit.
Positioning the U.S. as the Largest Bitcoin Holder
Trump’s presidency could also lead the Justice Department to delay crypto asset sales, although existing court-mandated crypto sales may still impact the market before Trump’s inauguration.
Lummis’s bill proposes using Federal Reserve and Treasury funds to acquire 1 million Bitcoin, positioning the U.S. as the largest national holder of the asset. Achieving approximately 5% ownership of the Bitcoin network, this initiative would parallel the U.S. share in the global gold supply, reinforcing its role in the digital asset landscape and setting a precedent for Bitcoin as a national reserve asset.
