Senator Cynthia Lummis Reaffirms Commitment To Implementing Strategic Bitcoin Reserve
Highlights
- Senator Cynthia Lummis is a strong advocate for a national Bitcoin reserve.
- Lummis has expressed confidence that 2025 will be a pivotal year for cryptocurrencies, especially with David Sacks as the "Crypto Czar."
- She proposes converting a portion of the US Treasury’s gold into Bitcoin to create a strategic reserve.
Wyoming Senator Cynthia Lummis has been very supportive of the new administration’s attitude toward digital assets, especially when it comes to Bitcoin reserve. In her tweet she said she thinks that 2025 will be a very important year for cryptocurrencies, referring to the appointment of David Sacks as the “Crypto Czar” of the administration.
Sacks is a well-known venture capitalist and former PayPal executive who is likely to play an important role in the US government’s policies on cryptocurrencies.
Senator Cynthia Lummis Advocates Strategic Bitcoin Reserve and Fiscal Responsibility
Senator Cynthia Lummis has become one of the staunchest supporters of the new administration’s policy on digital assets, especially Bitcoin. Recently she stated that 2025 will be a defining year for cryptocurrencies, citing the appointment of David Sacks as the “Crypto Czar” for the administration. Sacks is a well-known venture capitalist and former executive at PayPal.
2025 will be the year for bitcoin & digital assets. With David Sacks as Crypto Czar, this will be the most pro-digital asset administration ever! 🇺🇸💵I look forward to working closely with @DavidSacks to pass comprehensive digital asset legislation & my strategic bitcoin reserve. pic.twitter.com/4TAT1sTvY3
— Senator Cynthia Lummis (@SenLummis) December 17, 2024
Lummis also looks forward to working with Sacks on legislation related to digital assets and her strategic Bitcoin reserve proposal. The move follows Trump’s endorsement of a national Bitcoin reserve, a major federal pivot into digital currencies.
She recently met with Sacks, referring to him as a “champion for digital assets” and a strong ally for her Bitcoin Reserve plan. She says she will work with him and the incoming administration to “restore fiscal responsibility.”
The Senator from Wyoming is staunchly advocating for Bitcoin as an integral part of the United States’ fiscal policy. She suggests converting a portion of the US Treasury’s gold to Bitcoin. This would happen by using gold certificates instead of outright selling to avoid affecting the federal balance sheet.
Previously, Lummis said this plan would save requiring $90 billion in direct outlays to purchase Bitcoin at current prices. This is the first time her national Bitcoin reserve plan connects directly to the Treasury’s gold reserves.
Bitcoin Hits New ATH as Trump Announces US BTC Strategic Reserve Plans
Bitcoin reached a fresh all-time high over $108,000 on Tuesday, as crypto supporters went into overdrive after President-elect Donald Trump promised US Bitcoin strategic reserve.
It is not clear whether Trump, under the executive powers at his disposal, could unilaterally determine to create a Bitcoin reserve or if it is required by an act of Congress. Some believe the US President, through an Executive Order, has the authority over directing the US Treasury’s Exchange Stabilization Fund with its power to purchase and sell foreign currencies, potentially even hold Bitcoin.
This reserve may involve Bitcoin seized by the government, from criminal activities, amounting to about 200,000 tokens, worth roughly $21 billion at its current price, according to bitcointreasuries.net. During a speech back in July, Trump unveiled a plan for a Bitcoin reserve – a stockpile of this seized Bitcoin could theoretically form some sort of starting point, though it’s not certain through what legal means they might be transferred from the Justice Department.
In November, Senator Lummis said that her bill would help the US “pay off half the debt in 20 years”. “This would help protect us from inflation and strengthen the U.S. dollar internationally,” she said. A strong dollar, advocates argue, would grant the United States more bargaining power against foreign opponents like China and Russia.
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