- Senator Lummis reaffirmed the US’s commitment to create a strategic Bitcoin reserve.
- A goal of the idea is for the US Fed to own as much as 5% of the entire Bitcoin supply.
US Senator Cynthia Lummis revealed a major legislative plan aimed at the Federal Reserve and made a major revelation while remarking on Trump’s victory. The United States intends to establish a strategic Bitcoin reserve, which she again emphasized.
American voters have been diligently following the progress of campaign pledges ever since Trump’s election and subsequent formal swearing-in. This year, US Senator Cynthia Lummis spearheaded a historic effort for a Bitcoin Bill. Lummis reaffirmed the US’s commitment to create a strategic Bitcoin reserve while remarking on Trump’s election.
Far Greater Odds of Passing Congress
In order to resolve the national debt and boost the US currency, Lummis also stressed the significance of the Fed amassing BTC. “Bitcoin Bill” is the formal name of the proposal, which is the “Innovative Investment for National Competitiveness Enhancement Act.”
The Republican Party now controls both houses of Congress. Consequently, Senator Lummis’ Bitcoin Bill has far greater odds of passing Congress. That was not the case during the Biden administration, when congressional gridlock severely limited attempts at bipartisan legislation. Quicker approvals may be guaranteed by an incoming Trump. Regardless, Trump has promised the cryptocurrency sector that he would build up a large enough Bitcoin reserve.
A goal of the idea is for the US Federal Reserve to own as much as 5% of the entire Bitcoin supply. It plans to acquire 1 million BTC per year. A major change in US economic strategy is indicated by this ambitious initiative. In light of the upcoming change in administration, the market is expected to take into account the possible advantages. Natalia Karayaneva, CEO of Propy Escrow, has said that Senator Lummis will address this matter in further detail at tomorrow’s meeting.
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