Lummis to propose US Treasury adopt Bitcoin as reserve asset at Nashville conference
In a bold move, Wyoming Senator Cynthia Lummis is set to propose that the US Treasury hold Bitcoin as a strategic reserve asset, similar to gold and foreign currencies, at the upcoming Nashville conference, according to a report by Fox News on July 24.
Lummis, known for her pro-crypto stance, aims to rally support for her proposal, with hopes that former President Donald Trump will endorse the bill. Trump’s endorsement would give significant weight and momentum to Lummis’ push for Bitcoin adoption.
Rumors have been circulating that Trump himself plans to endorse Bitcoin as a strategic reserve asset at the conference, as he has expressed strong support for the cryptocurrency in recent weeks. Such an endorsement would likely lead to further endorsements from industry leaders in the crypto and tech sectors.
While the details of the bill are not yet known, initial drafts suggest that it will direct the US Treasury to purchase and hold Bitcoin as a reserve asset. Lummis has reportedly been quietly seeking support from fellow members of the Senate Banking Committee for co-sponsorship.
Currently, the US holds approximately 210,000 bitcoins, which are valued at over $66,000 per token. These holdings primarily consist of bitcoins seized by the Department of Justice from illicit actors. Lummis, a prominent Bitcoin investor and advocate, has previously suggested diversifying the Treasury’s $40 billion in foreign currencies with Bitcoin.
However, Lummis’ proposal may face substantial challenges under the current administration, which has taken a cautious approach towards digital assets.
If Lummis’ bill is introduced and gains support, it could potentially mark a significant shift in US financial policy. This could have a positive impact on Bitcoin’s value and may prompt other nations to consider adopting similar strategies. Ultimately, the fate of the legislation will depend on Congressional support and the outcome of the November presidential election.