Wyoming Senator Cynthia Lummis has reiterated her commitment to establishing a strategic Bitcoin (BTC) reserve for the United States.
The lawmaker, known for her strong pro-crypto stance, highlighted these plans following the recent Republican victories in the Senate, more so of largely digital asset-friendly legislators.
Senator to Move Forward With Strategic BTC Reserve Bill
In a November 6 post on X, Lummis confidently declared, “We are going to build a strategic Bitcoin reserve,” signaling a renewed push to move forward with legislation she introduced earlier in the year.
The senator’s proposal, dubbed the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act, or BITCOIN for short, would direct the U.S. Treasury to buy a million BTC over five years.
Additionally, it emphasizes long-term BTC investment, mandating that the cryptocurrency be held for at least 20 years in secure vaults managed by government agencies.
Lummis has been a prominent voice for crypto since her election to Congress in 2021. Although not on the ballot in the just concluded polls, the 70-year-old maintained her active support for blockchain and crypto initiatives throughout the 2024 campaign period.
Her proposal was built on an idea floated by President-elect Donald Trump at the 2024 Bitcoin conference in Nashville, Tennessee. At the event, Trump suggested that the U.S. government should stop selling any BTC seized in law enforcement operations but instead build it into a strategic stockpile that would allow it to dominate the crypto sector and even help pay off the country’s multi-trillion dollar debt.
Pro-Crypto Majority Could Help Push Proposal
It remains to be seen how Senator Lummis’ proposal will fare as it makes its way through legislative channels. However, her seeming confidence in the successful passage of the BITCOIN Act stems from the results of the just-concluded election, which saw 278 pro-crypto candidates make it to Congress.
Additionally, the Republicans now hold a majority in both the Senate and House of Representatives after flipping three Senate seats.
In a testament to the industry’s optimism, Bitcoin hit a new all-time high for the second time in quick succession, breaking beyond $76,000 only days after achieving the $75,000 mark.
The milestone, coming after Trump’s election victory, has amplified attention on the potential of government-backed BTC reserves, with industry insiders like Samson Mow declaring that nation-state Bitcoin adoption was about to “kick into high gear.”
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