Senator Cynthia Lummis of Wyoming, known for her pro-crypto stance, plans to propose that the Federal Reserve hold Bitcoin as a strategic reserve, similar to gold and foreign currencies, Fox News reported on July 24.
The Republican senator, known for her pro-crypto stance, plans to propose that the Federal Reserve hold Bitcoin as a strategic reserve, similar to gold and foreign currencies. Sources told Fox that Lummis hopes former President Donald Trump will approve the bill, giving her proposal significant weight.
The news comes amid rumors that Trump, who will also speak at the conference, had plans to endorse Bitcoin as a strategic reserve. Trump has expressed strong support for Bitcoin and crypto in recent weeks, prompting expressions of support from industry leaders in the crypto and technology sectors.
Details of the bill remain secret, but early drafts suggest it would direct the Fed to buy Bitcoin and hold it as a reserve. Lummis discreetly sought support from colleagues on the Senate Banking Committee for co-sponsorship, the report said.
The US currently owns approximately 210,000 bitcoins, worth more than $66,000 per token, mainly due to Department of Justice seizures by illegal actors. Lummis, a Bitcoin investor and advocate, previously suggested diversifying the Fed’s $40 billion in foreign exchange holdings with Bitcoin.
However, the proposal faces significant hurdles under the current administration, which has taken a cautious approach to digital assets.
The conference will also feature other prominent figures such as Michael Saylor of MicroStrategy, Cathie Wood of Ark Invest and independent candidate Robert F. Kennedy Jr.
Vice President Kamala Harris, the likely Democratic nominee, has declined an invitation to the conference but is reportedly open to courting crypto voters.
If introduced, Lummis’ bill could mark a major shift in U.S. financial policy, potentially boosting Bitcoin’s value and prompting other countries to follow suit. The fate of the legislation will depend on congressional support and the outcome of November’s presidential election.