Senator Cynthia Lummis is about to make a serious announcement at the moment at 10 a.m., which might reveal a big improvement in her ongoing advocacy for a US strategic Bitcoin reserve.
₿ig issues are coming👀
— Senator Cynthia Lummis (@SenLummis) January 23, 2025
Lummis posted on X, “Huge issues are coming,” with the “B” stylized to characterize the Bitcoin image, hinting at an replace concerning Bitcoin and the strategic Bitcoin reserve she has been advocating. This was adopted by a second submit saying, “Keep tuned for 10 a.m.”
Fox Enterprise reporter Eleanor Terrett confirmed in a submit on X that the Senate Banking Committee is about to vote at 10 a.m. on Senator Lummis doubtlessly turning into chair of the digital property subcommittee.
The announcement might primarily concentrate on the vote, with any updates on the strategic Bitcoin reserve doubtlessly coming at a later time.
Hypothesis stays, nonetheless, about whether or not Lummis’s choice as chair might finally align with an announcement of a improvement on the US strategic Bitcoin reserve.
The Wyoming Republican launched the Boosting Innovation, Know-how, and Competitiveness via Optimized Funding Nationwide (BITCOIN) Act in July 2024.
The laws proposes that the US Treasury purchase as much as 1 million Bitcoins over 5 years, with a compulsory 20-year minimal holding interval, aiming to handle inflation considerations and strengthen the greenback.
Whereas the BITCOIN Act has acquired blended congressional response, Lummis plans to reintroduce the invoice in January 2025, capitalizing on assist from the newly elected crypto-friendly administration.
A December 2024 assembly between Lummis and Treasury Secretary nominee Scott Bessent, who has expressed assist for digital property, significantly Bitcoin, has fueled hypothesis about potential updates to the BITCOIN Act or new initiatives involving US monetary technique.
The proposed Bitcoin reserve technique has been praised by supporters, who counsel it might reinforce the US greenback by establishing Bitcoin as a complementary asset.
