Cynthia Lummis Reveals Ongoing Plan To Pass Bitcoin Reserve Bill
Highlights
- Sen. Lummis introduces a bill aiming for the U.S. to accumulate 1 million Bitcoin over 5 years, without raising taxes.
- 15 U.S. states, including Utah and Florida, are exploring the idea of state-level Bitcoin reserves to strengthen financial stability.
- President Trump supports Lummis’ Bitcoin reserve plan, aligning with emerging strategies for digital assets.
Senator Cynthia Lummis has once again reaffirmed her dedication to advancing legislation designed to create a strategic Bitcoin reserve for the United States. During a recent address in Washington, D.C., she provided an update on the proposed bill, emphasizing its potential to enhance the country’s financial system by incorporating Bitcoin into both national and state-level reserves. Lummis highlighted the growing recognition of digital assets as a key part of the modern financial landscape.
The bill outlines a plan for the U.S. government to gradually acquire 1 million Bitcoin over the course of five years. Lummis explained that this would be done strategically, with the goal of holding the digital assets for at least 20 years, allowing the country to benefit from their long-term value. The initiative aims to position the U.S. as a global leader in embracing new financial technologies and digital currencies.
One of the key aspects of the proposal is that it would not require any new taxes to be imposed on citizens. Instead, the bill seeks to utilize existing financial resources held by the Federal Reserve and the Treasury to fund the Bitcoin acquisition. This approach is designed to ensure that the country can expand its financial reserves without burdening taxpayers.
Lummis noted that the integration of Bitcoin into national reserves could help stabilize the financial system and provide an alternative asset class to traditional investments like stocks and bonds. By diversifying the nation’s reserves with Bitcoin, the government could hedge against potential risks, including inflation or other economic disruptions, and capitalize on the potential appreciation of Bitcoin over time.
As digital assets gain more acceptance worldwide, Senator Lummis’ proposal signals a forward-thinking approach to national financial policy. With the backing of key stakeholders and continued discussions on the bill, the idea of a Bitcoin reserve could potentially reshape the financial future of the United States, establishing it as a leader in the evolving digital economy.
Cynthia Lummis Plan To Pass Bitcoin Reserve Bill
In a recent interview, U.S. Senator Cynthia Lummis shared her ongoing efforts to gather support in the Senate for the establishment of a Bitcoin reserve strategy. With the bill requiring sixty votes for approval, Lummis emphasized that securing bipartisan backing from both Republicans and Democrats is crucial for its success. She mentioned that while discussions with lawmakers have been positive, more work is needed to move the bill forward.
“We are currently debating to form a bipartisan group that will help make this bill pass,” Lummis stated, highlighting the importance of cross-party collaboration in advancing the initiative.
Lummis also noted that many members of Congress are closely watching the rise of digital asset policies, especially those who are concerned about the future stability of the U.S. dollar. Supporters of the Bitcoin reserve argue that Bitcoin could serve as an effective hedge against inflation, helping to protect the U.S. dollar and strengthen the country’s position as a global financial leader.
“Bitcoin is not just a speculative investment—it is a store of value that can provide long-term financial security for the U.S.,” Lummis asserted, underlining Bitcoin’s potential to offer stability in a volatile economic landscape.
The concept of a strategic Bitcoin reserve is gaining traction internationally, with cryptocurrency leaders weighing in on the idea. Binance CEO Changpeng Zhao recently called for the European Union to consider adopting a Bitcoin reserve strategy for its own financial security.
State-Level Initiatives and Growing Support
While the federal government has yet to make a decision on the Bitcoin reserve issue, several U.S. states have already taken steps toward implementing similar initiatives. Dennis Porter, CEO of the Satoshi Action Fund, reported that fifteen states, including Utah, Ohio, Montana, and Florida, have introduced legislation to create state-based Bitcoin reserves.
Senator Cynthia Lummis, who previously served as Wyoming’s state treasurer, believes that these state-level measures will likely be enacted before the federal government moves forward. “States are the innovators of the country,” she remarked, emphasizing that states with limited financial flexibility, unable to print money or spend freely, need assets like Bitcoin to ensure their economic stability.
In Utah, legislation for a strategic Bitcoin reserve recently advanced through a digital asset task force. Porter expressed optimism that Utah could become the first state to pass such a law, citing the state’s short 45-day legislative session and strong political backing for the initiative.
The Trump Administration’s Role in Bitcoin Policy
U.S. Senator Cynthia Lummis recently revealed that the Trump administration is already in discussions about Bitcoin and other digital assets. Trump has publicly supported the idea of adopting a Bitcoin reserve for the United States, aligning with Lummis’ vision to include Bitcoin in the national treasury.
“We have a very good cooperation with the administration,” Lummis said, highlighting the positive reception towards Bitcoin among key figures from Trump’s administration. She specifically pointed out that the nominee for Treasury Secretary and the SEC’s director for digital assets have expressed favorable views on Bitcoin. Additionally, she mentioned that Robert F. Kennedy Jr., the newly appointed head of Health and Human Services, has advocated for a Bitcoin reserve at a level even higher than Lummis’ proposal.
Lummis also voiced her dissatisfaction with the previous administration’s stance on digital assets, particularly regarding federal agencies that limited banking services to crypto businesses. She claimed, based on whistleblower reports, that records of these restrictions were destroyed at the FDIC. Lummis expressed her commitment to ensuring that such actions don’t happen again, advocating for fair treatment of all Bitcoin-related businesses.
With support growing from multiple states and an increasing number of lawmakers, Lummis remains optimistic about the future of her Bitcoin reserve bill. She stressed the importance of establishing a Bitcoin reserve as a means to strengthen the U.S. dollar and promote long-term financial stability.
“This is a necessary step to secure our economic future, and I am fully committed to making it happen,” she concluded, reaffirming her dedication to advancing the proposal.
