The post Cynthia Lummis Proposes Strategic Bitcoin Reserve Bill as Republicans Gain Senate Majority Potential in 2025 appeared on BitcoinEthereumNews.com.

With the impending Republican majority in the US Senate, Senator Cynthia Lummis aims to initiate a historic “strategic Bitcoin reserve” bill. This initiative would significantly impact the national policy on cryptocurrencies, aligning the US government with digital asset strategies embraced by major financial movements. “The time has come to recognize Bitcoin as a legitimate asset class,” Lummis stated, echoing sentiments shared by fellow pro-crypto lawmakers. Senator Lummis plans to secure a Bitcoin reserve as Republicans gain control of the Senate, signaling a shift in US cryptocurrency policy. Senator Lummis’s Vision for a Bitcoin Reserve Amid Political Shifts As Republicans gear up for a new legislative session post-Election Day, Senator Cynthia Lummis is poised to put a plan into motion that could reshape the country’s stance on cryptocurrencies. Her proposal includes the acquisition of one million Bitcoin, which represents approximately 5% of the total supply, to be held by the US government for at least 20 years. This ambitious initiative, part of a broader agenda to elevate cryptocurrency’s status in the financial ecosystem, was originally introduced in the Bitcoin Act proposed in July. The Political Landscape Influencing Crypto Legislation The recent elections have set the stage for a significant shift in power dynamics within the US government. With Republicans expected to secure majority control in the Senate come January, observers believe that legislation supporting cryptocurrencies will gain traction. Lummis’s plan builds upon previous proposals, notably one by former President Donald Trump, advocating for the federal government to retain seized Bitcoin rather than selling it off. Analysts view this potential legislative move as a critical step towards legitimizing and stabilizing the cryptocurrency market. Implications of a Bitcoin Reserve for the US Economy The establishment of a Bitcoin reserve raises numerous questions about its implications for the US economy and global financial markets.…

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Filed under: News - @ November 6, 2024 10:16 pm