Senator Cynthia Lummis recently issued a public statement teasing the launch of a Bitcoin bill at the Nashville conference. The major announcement is scheduled for Saturday, July 27.
Senator Cynthia Lummis
Lummis received support from Custodia Bank CEO Caitlin Long, who also highlighted the US Senator’s upcoming announcement.
Senator Lummis’ big announcement at the 2024 Bitcoin Conference
It’s amazing to be in Nashville. According to a post by The Digital Chamber, a notable reveal is expected this Saturday, which Senator Cynthia Lummis mentioned in her X post. “At TDC’s 10-year anniversary party in Nashville, Senator Cynthia Lummis hinted at an important bitcoin announcement this Saturday,” the Digital Chamber’s tweet said.
According to a recent source, Senator Lummis plans to present legislation. This regulation could make Bitcoin a strategic reserve asset for the US Federal Reserve.
According to Fox Business’ senior journalist Charles Gasparino, Senator Cynthia Lummis plans to unveil this legislation at the Bitcoin Conference in 2024. This bill would allow the US Federal Reserve to keep Bitcoin as a strategic reserve asset alongside gold and other foreign currencies.
Gasparino added, “The senator is expected to receive support from former President Donald Trump, who is speaking at the event.” In addition, there are also rumors in the market that Donald Trump may declare Bitcoin a US strategic reserve during the next conference.
“If the former US president follows through on this, it could change global economic strategies, solidifying Bitcoin’s status as digital gold,” said Dennis Porter, CEO of the Satoshi Action Fund.
Importance of the Bill
Fox Business reported on the plan of Senator Cynthia Lummis, revealing that she has been working on this legislation in secret. The main purpose of the bill is to direct the Federal Reserve to gain and hold Bitcoin so that it can be integrated into the US financial system.
According to Alex Chizhik, the chief commercial officer of HarrisX, this action could help stabilize the US dollar and legitimize bitcoin as a financial instrument.
Senator Cynthia Lummis, the “crypto queen” of Capitol Hill, has been a strong supporter of the cryptocurrency industry. She has strongly opposed the introduction of a Central Bank Digital Currency (CBDC) as a means of government surveillance. Instead, she advocates for financial autonomy.
He said, “We want to make sure that people have a separate wallet for their bitcoin.” According to Lummis, including bitcoin in the US financial system could strengthen the US dollar.
