Regulation
Senator Cynthia Lummis to Introduce Groundbreaking Bitcoin Reserve Bill at Nashville Conference
According to a report from FOX Business relationshipWyoming Senator Cynthia Lummis is set to introduce a groundbreaking Bitcoin Reserve Bill at the Nashville Bitcoin Conference. The legislation seeks to require the Federal Reserve to hold Bitcoin as a strategic reserve asset, similar to gold. The bill seeks to integrate Bitcoin into the U.S. financial system, potentially stabilizing the value of the U.S. dollar.
Social media is buzzing with this bullish event as it could be a game-changer for BTC and the broader market. Former President Trump is also expected to speak out – could we see his endorsement?
While Lummis has not yet announced the new bill, experts believe his cryptic X-post hints at its introduction.
Anticipation grows for Senator Lummis’ announcement
Sources indicate that the bill’s details will be revealed Saturday, ahead of former President Donald Trump’s speech. Lummis is also expected to discuss the bill during an informal chat Friday with former Democratic Rep. Tulsi Gabbard. Lummis has been actively seeking co-sponsors from the Senate Banking Committee to increase the bill’s chances of passing.
However, it is unclear whether Trump will support Bitcoin as a reserve asset. According to sources with the draft legislation, a key selling point of Lummis’s bill is that it would strengthen the U.S. dollar, which is currently backed by the country’s fiscal authority rather than any real asset.
The bill’s potential impact is substantial, with the Bitcoin Conference, scheduled for July 25-27, serving as a critical platform for its introduction. Key figures, including presidential candidates Donald Trump and Robert F. Kennedy Jr., will be in attendance, underscoring the importance of the event. Notably, Vice President Kamala Harris will not speak, as confirmed by Bitcoin Magazine CEO David Bailey, who has criticized her stance on cryptocurrency regulation.
The move could also be controversial, as adding cryptocurrencies could weaken the value of gold, a key component of the U.S. economy. Crypto skeptics are concerned about Bitcoin’s volatility, making it difficult for the Fed to use it as an economic hedge.
Wall Street Support Grows
Despite the controversy, the idea of using Bitcoin as a strategic reserve asset is gaining traction. BlackRock CEO Larry Fink has changed his stance from calling Bitcoin a “money laundering index” to describing it as “digital gold” and a “long-term store of value.” BlackRock’s recent launch of its Bitcoin ETF has already attracted nearly $19.5 billion in investor funds, signaling the growing acceptance of Bitcoin by the general public.
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