Cynthia Lummis Reveals Ongoing Plan To Pass Bitcoin Reserve Bill

Cynthia Lummis Reaffirms Commitment to Passing Bitcoin Reserve Bill

Senator Cynthia Lummis has reiterated her commitment to advancing legislation that would establish a strategic Bitcoin reserve in the United States. During a recent discussion in Washington, D.C., she provided an update on the progress of the proposed Bitcoin reserve bill, which aims to strengthen the country’s financial system by integrating Bitcoin into national and state-level reserves.

Bill Proposal

The bill proposes that the U.S. government gradually acquire 1 million Bitcoin over a period of five years and hold it for at least 20 years. Lummis emphasized that this initiative would not require raising taxes, but would instead utilize existing financial assets within the Federal Reserve and the Treasury.

Cynthia Lummis Plan To Pass Bitcoin Reserve Bill

In a recent interview, Senator Cynthia Lummis stated that she has been working to gather Senate supporters for the establishment of the Bitcoin reserve strategy. The bill requires 60 votes for approval, and Lummis believes that this can only be achieved if Republicans and Democrats collaborate on the legislation. She reported that her interactions with lawmakers have been positive, but more effort is needed to advance the bill.

“We are currently debating to apply at the present time to form a bipartisan group that will make it pass,” said Cynthia Lummis.

Lummis also highlighted that several members of Congress are paying attention to the policies and those of digital assets, which are skeptical of the future stability of the U.S. dollar. Proponents of the bill argue that saving in Bitcoins is a viable hedge against inflation, which would enhance the country’s competitiveness as a global financial superpower.

“Bitcoin is not just a speculative investment—it is a store of value that can provide long-term financial security for the U.S.,” she said.

Additionally, the idea of a strategic Bitcoin reserve is gaining traction among crypto leaders, with Binance’s Changpeng Zhao urging the European Union to include it in its reserve.

State-Level Initiatives and Growing Support

While the federal government is still deliberating on the issue of the Bitcoin reserve, several states in the United States have already moved forward with similar resolutions. Dennis Porter, CEO of Satoshi Action Fund, reported that 15 states in America, including Utah, Ohio, Montana, and Florida, have introduced legislation to establish state-based Bitcoin reserves.

Lummis, who previously served as Wyoming’s state treasurer, believes that these measures will be implemented by the states before the federal government does so. She emphasized that states are innovators and require assets like Bitcoin to guarantee their stability.

In Utah, a legislation on strategic Bitcoin reserve recently passed through a digital asset task force. Porter is optimistic that Utah could be the first state to pass such legislation, given the short session and political support.

The Trump Administration’s Role in Bitcoin Policy

Senator Cynthia Lummis disclosed that the Trump administration is already in discussions regarding Bitcoin and other digital assets. Trump has recently expressed his support for adopting the stance of possessing a Bitcoin reserve for the United States, in line with Lummis’ proposal to include Bitcoin in the national treasury.

“We have a very good cooperation with the administration,” Lummis said. She noted that several people from Trump’s administration, including the nominee for Treasury Secretary and the SEC’s director for digital assets, have a positive attitude towards Bitcoin. She then pointed out that the new proposed Republican-appointed head of Health and Human Services Secretary Robert F, Kennedy Jr., has advocated for a Bitcoin reserve at a higher level than Lummis.

Lummis expressed dissatisfaction with the previous administration’s policies regarding digital assets, citing federal agencies that restricted the services of banks to crypto businesses. She also alleged, based on whistleblowers, that records concerning these restrictions were shredded in the FDIC. According to Lummis, she continues to fight to ensure that such actions do not happen again and that all Bitcoin businesses are treated fairly.

Conclusion

With growing support from multiple states and lawmakers, Cynthia Lummis remains optimistic about the bill’s future. Establishing a Bitcoin reserve is crucial for strengthening the U.S. dollar and ensuring financial stability.

FAQs

Q: What is the proposed Bitcoin reserve bill?
A: The bill proposes that the U.S. government gradually acquire 1 million Bitcoin over a period of five years and hold it for at least 20 years.

Q: Why is a Bitcoin reserve important?
A: A Bitcoin reserve is a viable hedge against inflation, which would enhance the country’s competitiveness as a global financial superpower.

Q: What is the current status of the bill?
A: The bill requires 60 votes for approval, and Lummis believes that this can only be achieved if Republicans and Democrats collaborate on the legislation.

Q: What is the role of state governments in the Bitcoin reserve bill?
A: Several states in the United States have already moved forward with similar resolutions, with 15 states introducing legislation to establish state-based Bitcoin reserves.

Q: What is the Trump administration’s stance on Bitcoin policy?
A: The Trump administration is in discussions regarding Bitcoin and other digital assets, with several individuals expressing a positive attitude towards Bitcoin.