Senator Lummis Working on Bill for Fed to Hold BTC in Reserves, Despite Conference Silence

IconCryptoNewsTerminal Staff26 Jul, 2024

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Senator Lummis Working on Bill for Fed to Hold BTC in Reserves, Despite Conference Silence

Cynthia Lummis (R-WY), a prominent crypto advocate in the U.S. Senate, is reportedly preparing legislation that would obligate the Federal Reserve to maintain Bitcoin as a strategic reserve asset. Strangely, she omitted this information during her highly anticipated keynote address at the Bitcoin 2024 conference in Miami. During her speech, Lummis concentrated her criticism on the Securities and Exchange Commission's "regulation by enforcement" approach and blamed Democrats for hindering the progress of crypto legislation. She expressed optimism, stating, "If Republicans prevail in November, things will improve." Lummis's reported bill, if enacted, would represent a significant step toward mainstream adoption of Bitcoin and provide a solid foundation for the cryptocurrency market. Her silence on the matter at the conference, however, has raised questions about its political viability and the level of support it may garner.

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