Reserve

Donald Trump

Bitcoin

Popular cryptocurrency advocate and US Senator Cynthia Lummis has once again pushed for the adoption of Bitcoin as a reserve asset by the US government. Lummis’ latest show of support for Bitcoin adoption came as the senator also kicked against the creation of a central bank digital currency (CBDC) for the American people. 
<h2 id="strong-bitcoin-reserve-can-help-strengthen-the-dollar-lummis-says-strong">Bitcoin Reserve Can Help Strengthen The Dollar, Lummis Says</h2> 
In an<a href="https://x.com/SenLummis/status/1811747346172248262" target="_blank" rel="noopener nofollow"> interview with Fox TV Station on Friday</a>, Lummis reiterated her endorsement for the use of Bitcoin as a reserve asset to back the value of the US dollar. The senator from Wyoming stated the adoption of this strategy could help boost the value of the US dollar, as she has previously described the asset as a “good store of value.” 
Notably, political statements supporting the integration of BTC as a US reserve asset have continued to grow in recent times. Recently, Bitcoinist<a href="https://bitcoinist.com/donald-trump-touts-bitcoin-strategic-reserve-asset/" target="_blank" rel="noopener "> reported</a> that former President and current Republican presidential candidate Donald Trump has also expressed similar statements, warning an opposite action could likely benefit global rivals Russia and China. 
&nbsp; 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 Bitcoin and digital assets are the future.&nbsp;Here’s my agenda: 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;">&nbsp;No&nbsp;retail&nbsp;Central Bank Digital Currencies<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;">Clear protections for self-custody Bitcoin wallets<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;">Restore Dollar Dominance for the 21st&nbsp;Century <a href="https://t.co/yEy9tcxU5b" rel="nofollow" target="_blank">pic.twitter.com/yEy9tcxU5b</a> 
 — Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1811747346172248262?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">July 12, 2024</a>
</blockquote> 
In addition to strong approval of Bitcoin on Fox TV, Lummis also condemned the idea of a US central bank digital currency which she believes will be exploited as a means of surveillance on American citizens. Rather, Lummis has called for the creation of a legal framework that guarantees the integrity and protection of self-custody Bitcoin wallets. The senator believes that these measures combined with the strategic use of Bitcoin as a reserve asset could revive and sustain US dollar dominance for the 21st century. Related Reading: <a href="https://bitcoinist.com/sen-lummis-challenges-us-crackdown-on-crypto-market/" target="_blank" rel="noopener ">Senator Lummis Challenges US Crackdown On Crypto Market, Vows To Protect Investor’s Rights</a> 
<h2 id="strong-us-congressman-calls-for-sack-of-sec-chair-strong">US Congressman Calls For Sack Of SEC Chair</h2> 
In other news, another popular crypto advocate and US Representative Tom Emmer has once again demanded the discharge of Gary Gensler as chairman of the US Securities and Exchange Commission. In an<a href="https://x.com/GOPMajorityWhip/status/1811801045716058389" target="_blank" rel="noopener nofollow"> X post</a> on Friday, Tom Emmer who also serves as the Majority Whip of the US House of Representatives accused the SEC of running a regulation-by-harassment operation. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 I’d like to report the SEC Chair for regulation-by-harassment. <a href="https://twitter.com/hashtag/FireGaryGensler?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#FireGaryGensler</a> <a href="https://t.co/oMyDIEU3o1" rel="nofollow" target="_blank">https://t.co/oMyDIEU3o1</a> 
 — Tom Emmer (@GOPMajorityWhip) <a href="https://twitter.com/GOPMajorityWhip/status/1811801045716058389?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">July 12, 2024</a>
</blockquote> 
Emmer, among other crypto enthusiasts, has continuously criticized the SEC regulatory approach towards the digital asset industry which is often described as hostile. Notably in 2023, the US Congressman <a href="https://bitcoinist.com/tom-emmer-slams-sec-chair-over-crypto-regulation/" target="_blank" rel="noopener ">slammed</a> Gary Gensler, stating the consistent enforcement actions by the SEC depicted him as a “bad-faith regulator” especially as these crackdowns did not affect the actual bad actors in the crypto community. 
At the time of writing, the crypto ecosystem continues to recover from the earlier general price slump in July. According to <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener nofollow">data from CoinMarketCap</a>, the total crypto market cap is currently valued at $2.15 with a 1.87% increase in the last day. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/GjEM7j0S/" alt="Lummis" width="1480" height="893">

US Senator Reiterates Support For Bitcoin As Reserve Asset

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Bitcoinist

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