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Cynthia Lummis Backs Scott Bessent’s Bitcoin Reserve Statement

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Senator Cynthia Lummis (R-WY) supports U.S. Treasury Secretary Scott Bessent’s Fox News interview this week, in which he revealed that the U.S. will not be buying Bitcoin for its Strategic Bitcoin Reserve (SBR).

Sen. Cynthia Lummis Applauds Budget-Neutral Bitcoin Plan

Speaking with reporter Maria Bartiromo on Thursday, Bessent revealed that the U.S. will not purchase Bitcoin outright for the reserve—instead, it will use “confiscated assets” as a store of value.

In two August 14 X posts, Lummis called Bessent’s take “spot on” in terms of identifying a budget-neutral plan to increase America’s Bitcoin reserve.

“@SecScottBessent is right: a budget-neutral path to building SBR is the way,” Lummis said in an August 15 X post. “We cannot save our country from $37T debt by purchasing more bitcoin, but we can revalue gold reserves to today’s prices & transfer the increase in value to build SBR.”

“I look forward to continue working with @SecScottBessent & @howardlutnick to identify budget-neutral ways to continue growing our bitcoin reserve & outpacing adversaries in the race,” she added.

Confiscated Crypto at the Core of U.S. Reserve Strategy

Despite hitting an all-time high above $124,000 on Thursday, Bitcoin’s value was hovering around $117,000 as of Friday.

Bessent’s latest remarks are likely to disappoint Bitcoin holders who hoped the U.S. government would buy up more of the cryptocurrency.

Following his interview with Fox News, Bessent took to X himself to clarify his commentary.

“Bitcoin that has been finally forfeited to the federal government will be the foundation of the Strategic Bitcoin Reserve that President Trump established in his March Executive Order,” Bessent said.

“In addition, Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘Bitcoin superpower of the world,’” he added.




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