FOX: Senator Lummis prepares legislation for the US to have bitcoin reserves

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By TP

Bitcoin (BTC) and cryptocurrency advocate U.S. Senator Cynthia Lummis is expected to announce a bill in the coming days to give the United States a strategic BTC reserve. According to three people with knowledge of the matter, Lummis plans to make her announcement at the Bitcoin 2024 eventwhich is being held this week in Nashville, Tennessee. She will be participating in the conference on Saturday, July 27, ahead of a speech by former President Donald Trump. The bill would establish that the United States Federal Reserve (Fed) must hold BTC as a strategic reserve asset. This is legislation that is still in development, but it would be announced as such next Saturdayaccording to the senator's team, FOX Business reports. Although the announcement of the bill has not been made official, the senator already gave signs at the beginning of this week. Via X, the legislator said that “great things” are expected in the coming days. “Stay tuned!” she posted on the social network.

Lummis' bill is expected to require the Fed to hold bitcoin just as it does gold and other foreign currencies, in order to help manage the U.S. monetary system, as well as keeping the value of the dollar stable.

Apparently, Lummis has been showing the bill to some legislators of the Senate Banking Committee to join as co-sponsors of the regulatory proposal, according to a person familiar with the matter. Lummis, who is a staunch advocate of the emerging cryptocurrency ecosystem, is said to be seeking support for her bill from former President and candidate Donald Trump, who will also be speaking at Bitcoin 2024 on Saturday.

According to unofficial sources, Trump would have plans to create a strategic reserve in bitcoin for the United States, as reported in recent days by the founder of Satoshi Act Fund, Dennis Porter. As reported by BitcoinDynamic, the Republican candidate would announce this measure as part of his campaign promises ahead of the presidential elections in November. Trump and Lummis are expected to address an audience of more than 20,000 Bitcoiners, who will gather, as every year, at the most important event on the largest digital asset on the market.