At the BTC Conference 2024 held in Nashville, Senator Cynthia Lummis of Wyoming, widely known as the “Bitcoin Senator,” announced a historic bill. Moreover, her proposed “Strategic Bitcoin Reserve” bill has already attracted substantial support, with over 2,200 letters sent to U.S. Senators requesting co-sponsorship within just 48 hours. In addition, the senator opened up on how a Trump administration could be a “game-changer” for the crypto industry.
Senator Cynthia Lummis On BTC Reserve
The bipartisan outreach for the bill saw Democrats receiving 1,333 letters, according to a post on X by Satoshi Action Fund founder Dennis Porter. Meanwhile, Republicans sent in 850 letters, and Independents 41, signaling a growing interest in BTC across the political spectrum.
Senator Lummis highlighted the urgency of establishing a strategic BTC reserve to boost the nation’s financial security. She underscored the nation’s precarious fiscal situation, noting that the U.S. is nearing $35 trillion in debt, with a debt-to-GDP ratio approaching 120%. “We can’t go on blindly just printing money 24/7 that has nothing to back it,” she warned in an interview with Bitcoin Magazine.
In addition, Senator Cynthia Lummis compared the proposed Bitcoin reserve to other strategic reserves. These included such as the Strategic Petroleum Reserve and the vast federal land holdings, which serve as stores of value.
Throughout the interview, Lummis emphasized the importance of bipartisan support for BTC-related legislation. She highlighted her collaborative efforts with Senator Kirsten Gillibrand (D-NY) to advance pro-Bitcoin initiatives. Reflecting on past bipartisan successes, she recounted an instance involving a technical accounting rule at the SEC.
The revocation of this rule, known as SAB 121, saw support from both sides of the aisle despite its niche nature. “The Democrats were surprised that a piece of legislation that technical and in the weeds was embraced by Democrats and Republicans alike,” Lummis noted.
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How Will Trump Administration Alter Crypto Regulation In The U.S.?
The discussion also delved into the potential impact of a Trump presidency on Bitcoin. Senator Cynthia Lummis expressed optimism about Donald Trump‘s approach, citing his pro-business stance and innovative mindset. “President Trump is a pro-business innovator, and he is going to demand that his agency heads take their agencies in that direction,” she asserted.
Furthermore, Lummis anticipated significant changes in regulatory agencies under Trump’s leadership. These include the Federal Reserve, the Treasury, the SEC, and others. She criticized the current regulatory environment for its lack of clarity and its punitive approach.
“People want to comply with the law, but if you don’t know what the law is, you’re stabbing in the dark at trying to hit the compliance target,” she explained. Also, Senator Cynthia Lummis predicted that Trump would foster an environment conducive to innovation while ensuring consumer protection.
Moreover, Lummis underscored the growing acceptance of BTC among mainstream financial institutions and politicians. She pointed to notable figures like Larry Fink of BlackRock and Michael Saylor of MicroStrategy, who have integrated Bitcoin into their business models. “The naysayers are finally realizing this is for real; this is a legitimate asset class,” she stated.
She also highlighted the increasing political support for BTC, noting the presence of more U.S. senators at the conference. “It now has the durability and acceptance to be very Main Street,” Lummis asserted, In a personal reflection, Lummis described Bitcoin in two succinct phrases: “freedom money” and “digital gold.”
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Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
