Pro-Bitcoin Senator, Cynthia Lummis, is set to announce legislation that could see Bitcoin adopted as a strategic reserve currency in the US.
According to Fox Business, Lummis could make this announcement during the Bitcoin 2024 Conference slated to commence on July 25.
The Bitcoin Conference, which is the largest event in the Bitcoin ecosystem is set to attract key speakers including former US President Donald Trump. Presidential contender Robert F. Kennedy Jr. will also be among the attendees.
Senator Lummis To Propose BTC As US Strategic Reserve
20,000 Bitcoin enthusiasts will congregate in Nashville, Tennessee this week. Senator Lummis is among the guest speakers. Lummis has over the years held a pro-crypto stance, and has previously called out the Biden administration for oppressive crypto policies.
Lummis will be using the Bitcoin conference to unveil plans for bringing Bitcoin into the mainstream financial market. According to several crypto executives who spoke with Fox Business, Lummis has been working on a law that will see the US hold Bitcoin as a strategic reserve asset.
The senator has yet to announce any details about such plans. However, earlier this week, Lummis had stated that “big things” were in store, and would possibly launch this week.
If this bill is successful, it will mandate the US Federal Reserve to purchase Bitcoin and hold it as a reserve asset. The Fed will treat Bitcoin the same as gold and foreign currencies to manage the US monetary system and stabilize the value of the US dollar.
However, getting this legislation to pass will be no mean feat as it will need the approval of the US Congress and the US President.
If Trump is successful in his presidential bid, the possibility of the legislation passing will be higher. Trump has previously referred to himself as crypto president and even urged the US to endorse crypto and prevent a possible takeover by countries like China.
Lummis supports Bitcoin Miners
Lummis’s plans to have Bitcoin as a strategic reserve currency in the US also come amid her plan to protect Bitcoin miners.
Recently, the Wyoming Senator called out the Biden administration for its plan to tax Bitcoin miners. According to Lummis, such plans were a blatant attack on innovation, energy usage, and the success of the US economy.
Her plans mirror the stance of the US Republican Party in endorsing cryptocurrencies. Earlier this month, the party unveiled a platform seeking to embrace the innovation around digital assets.
At the time, the party stated that the platform would end the unlawful and unAmerican crackdown on crypto assets by the Biden administration. The party also vowed to protect the rights of the crypto community such as mining and self-custody.
