The post US Senator Lummis unveils Bitcoin reserve legislation following Trump’s keynote appeared on BitcoinEthereumNews.com.

At Bitcoin 2024, Senator Cynthia Lummis proposed a more detailed plan for a strategic Bitcoin reserve to bolster the U.S. dollar and cement America’s global financial leadership. After days of anticipation, United States Senator Cynthia Lummis finally announced her proposed legislation to establish a strategic Bitcoin (BTC) reserve. Lummis stated that the proposal is aimed at bolstering the U.S. dollar against inflation and cementing America’s leadership in the global financial system.  The announcement, made yesterday, July 27, the last day of Bitcoin 2024 in Nashville, came amid a wave of pro-crypto sentiment, amplified by a keynote address from former president Donald Trump, in which he expressed strong support for the cryptocurrency industry. Toward the end of his speech, Trump also revealed a plan to create a national Bitcoin reserve in the U.S., but didn’t elaborate on the proposal. Bitcoin to shore up USD’s global position Following Trump’s announcement, Lummis took the stage and explained that the Bitcoin reserve proposal seeks to secure the U.S. dollar’s position as the world’s reserve currency by incorporating Bitcoin into the nation’s strategic reserves.  “Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation,” said the senator for Wyoming.  Her plan involves the U.S. Treasury Department creating a decentralized network of secure Bitcoin vaults, acquiring one million Bitcoin over a set period, and holding these assets for at least 20 years.  The only permissible use of this reserve would be to pay down the national debt, with funding sourced by diversifying existing Federal Reserve and Treasury Department funds, Lummis elaborated. In her speech, the Senator highlighted the urgency of the initiative by pointing to the economic challenges facing American families and the country’s soaring debt…

---

Filed under: News - @ July 28, 2024 12:16 pm