US Senators Reportedly Preparing a Bill to Require the Federal Reserve to Hold Bitcoin as a Reserve Asset

IconCryptoNewsTerminal Staff24 Jul, 2024

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US Senators Reportedly Preparing a Bill to Require the Federal Reserve to Hold Bitcoin as a Reserve Asset

The Federal Reserve may soon be required to hold Bitcoin as a strategic reserve asset, according to a recent report from FOX Business. The report states that "pro-crypto Wyoming Senator Cynthia Lummis is preparing a new bill that would require the Federal Reserve to hold Bitcoin as a strategic reserve asset." This move would be a significant step forward for the cryptocurrency industry, as it would give Bitcoin the same status as gold and other precious metals that are currently held by the Federal Reserve. It would also send a strong signal that the US government is taking Bitcoin seriously and believes it has a role to play in the financial system. The bill is still in its early stages, and it is unclear whether it will be passed into law. However, the fact that it is being considered by lawmakers is a sign that Bitcoin is gaining mainstream acceptance.

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