United

Donald Trump

Bitcoin

President Donald Trump

Sen. Cynthia Lummis of Wyoming is poised to announce legislation that could establish Bitcoin as a mainstream financial asset in the United States.
At the upcoming <a href="https://crypto.news/donald-trump-and-a-canceled-comedian-what-to-expect-from-bitcoin-2024/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin 2024</a> conference in Nashville, Tennessee, where former President Donald Trump is also <a href="https://crypto.news/trump-is-in-talks-to-speak-at-bitcoin-2024-in-july-report/" target="_blank" rel="noopener noreferrer nofollow">set to speak</a>, Lummis aims to announce a bill requiring the Federal Reserve to hold Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) as a strategic reserve asset.&nbsp;
If successful, this move would mark a significant shift in U.S. monetary policy, aligning Bitcoin with traditional reserves like gold and foreign currencies.
The bill’s details remain under wraps, but insiders revealed it directs the Fed to incorporate Bitcoin into its reserves to enhance the stability of the U.S. dollar. Lummis has support from Senate Banking Committee colleagues and hopes for Trump’s endorsement.&nbsp;
Fox Business was the first to <a href="https://www.foxbusiness.com/politics/wyoming-sen-lummis-plans-announce-legislation-strategic-bitcoin-reserve-nashville-conference" target="_blank" rel="noopener noreferrer nofollow">report</a> on the potential legislation.
You might also like: <a href="https://crypto.news/will-trump-create-a-us-bitcoin-strategic-reserve/" rel="noopener noreferrer nofollow"> Will Trump create a US Bitcoin strategic reserve? </a>
<h2 class="wp-block-heading" id="what-a-u-s-bitcoin-reserve-would-look-like">What a U.S. Bitcoin reserve would look like&nbsp;&nbsp;</h2>
If the United States were to adopt Bitcoin as a strategic reserve asset, it could leverage its position as the largest nation-state holder of Bitcoin and echo Trump’s sentiment that all remaining Bitcoin <a href="https://crypto.news/republican-national-committee-pledges-to-defend-the-right-to-mine-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">should be mined</a> in the United States.&nbsp;
Essentially, a Bitcoin strategic reserve asset would involve the U.S. Treasury holding significant amounts of Bitcoin as part of its reserve portfolio, similar to how they already do with gold or foreign currencies.
A reserve would be a formal nod by the U.S. government to <a href="https://crypto.news/mark-cuban-from-bitcoin-basher-to-crypto-crusader/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s legitimacy</a> and future use cases. The move would position the U.S. favorably against global competitors and accelerate the acceptance of Bitcoin as a digital gold and long-term savings instrument.&nbsp;
<h2 class="wp-block-heading" id="bitcoin-in-the-middle-of-politics">Bitcoin in the middle of politics</h2>
The proposal arrives amid a politically charged climate. <a href="https://crypto.news/how-kamala-harris-can-rebuild-crypto-bridges-burned-by-biden/" target="_blank" data-type="link" data-id="https://crypto.news/how-kamala-harris-can-rebuild-crypto-bridges-burned-by-biden/" rel="noopener noreferrer nofollow">Vice President Kamala Harris</a>, the presumptive Democratic nominee, is <a href="https://crypto.news/crypto-kamala-harris-digital-assets/" target="_blank" data-type="link" data-id="https://crypto.news/crypto-kamala-harris-digital-assets/" rel="noopener noreferrer nofollow">receiving advice</a> to soften the administration’s stance on crypto.&nbsp;
As the U.S. already holds a substantial amount of Bitcoin, the potential legislation could spark a global race among nations to accumulate more of the asset.&nbsp;
You might also like: <a href="https://crypto.news/trump-strategic-bitcoin-reserve-unlikely/" rel="noopener noreferrer nofollow"> Polymarket: Trump announcing a strategic Bitcoin reserve unlikely </a>

US Senator plans to announce legislation for Strategic Bitcoin Reserve at Bitcoin 2024

目录

crypto.news

发布于 2024年7月24日的其他文章

Spot ETH ETFs Kick-Off to a $106M Inflow On First-Day Trading

After Dubai Triumph, Global Blockchain Congress Heads to Singapore!

New Memecoin Pepe Eats Solana Will Rally 19,000% Before Exchange Listings, As SHIB and DOGE Lag

Tron (TRX) Surpasses Ethereum (ETH) 230.6% By Key Metric: Details

Investors Reduce Risks Prompting BTC Drop

Swiss email provider Proton debuts self-custody Bitcoin wallet

订阅我们免费的电子期刊，获取每日最新加密领域动态！