The post Senator Cynthia Lummis to Introduce Groundbreaking Bitcoin Reserve Bill at Nashville Conference appeared first on Coinpedia Fintech News
According to a FOX Business report, Wyoming Senator Cynthia Lummis is set to introduce a groundbreaking Bitcoin Reserve Bill at the Nashville Bitcoin Conference. This legislation aims to require the Federal Reserve to hold Bitcoin as a strategic reserve asset, akin to gold. The bill seeks to integrate Bitcoin into the US financial system, potentially stabilizing the value of the US dollar.
Social media is buzzing for this bullish event, as this could be a game-changer for BTC and the broader market. Former President Trump is also expected to speak—could we see his endorsement?
Although Lummis has not announced the new bill, experts believe her cryptic X post suggests its introduction.
Anticipation Builds Around Senator Lummis’ Announcement
Sources indicate that the specifics of the bill will be revealed on Saturday, before former President Donald Trump’s speech. Lummis is also expected to discuss the bill during a fireside chat on Friday with former Democratic Rep. Tulsi Gabbard. Lummis has been actively seeking co-sponsors from the Senate Banking Committee to increase the bill’s chances of passing.
However, there is no clarity if Trump will support Bitcoin as a reserve asset. According to sources with the draft legislation, a key selling point of Lummis’ bill is that it would strengthen the U.S. dollar, which is currently backed by the country’s taxing authority rather than any hard asset.
Significance for the Crypto Community
The bill’s potential impact is substantial, with the Bitcoin Conference, set for July 25-27, serving as a critical platform for its introduction. Key figures, including presidential candidates Donald Trump and Robert F. Kennedy Jr., will attend, underscoring the event’s importance. Notably, Vice President Kamala Harris will not be speaking, as confirmed by Bitcoin Magazine CEO David Bailey, who criticized her stance on cryptocurrency regulation.
Furthermore, the move could be controversial, as adding crypto might weaken the value of gold, a key component of the U.S. economy. Crypto skeptics are concerned about Bitcoin’s volatility, making it difficult for the Fed to use it as an economic hedge.
Growing Support from Wall Street
Despite the controversy, the idea of using Bitcoin as a strategic reserve asset is gaining traction. Larry Fink, CEO of BlackRock, has shifted his stance from calling Bitcoin an “index of money laundering” to describing it as “digital gold” and a “long-term store of value.” BlackRock’s recent Bitcoin ETF launch has already attracted nearly $19.5 billion in investor funds, signaling growing mainstream acceptance of Bitcoin.
Are you ready to see Bitcoin on the frontline of the US Economy? Tell us.