A US Senator who has been pushing for the creation of a Bitcoin reserve national strategy just received a promotion.
Cynthia Lummis is a Wyoming Republican and ardent crypto advocate. She will head the Senate Banking Committee’s new subcommittee for digital assets.
Lummis introduced the Bitcoin Reserve Bill at the Bitcoin 2024 Conference, held last summer in Nashville. Lummis introduced the bill in late Congress, but she has yet to unveil an updated version this session.
The original bill sought to have the US government acquire a total of 1 million BTC — around 5% of the total supply. This bill allows the sale of BTC for one single purpose, which is to pay off the nation’s deficit.
“We will be debt free because of bitcoin,” Lummis stated in Nashville.
The reserve may move much more quickly now that she has the ear of Tim Scott, Senate Banking Committee Chair, and her own subcommittee. In recent weeks, speculation that the President Trump might create this stockpile by executive order has dwindled.
It’s possible that Trump will take some kind of action to stop the DOJ from selling seized bitcoin.
Lummis, who said on Thursday that Congress should get the Reserve off the ground, seems to be committed. “need to urgently pass bipartisan legislation.”
The first subject of the hearing will certainly be something to look forward to.
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