Lummis to Announce Bitcoin Reserve Development
Senator Lummis's 10 AM Announcement: Bitcoin Reserve Update?
Senator Cynthia Lummis is scheduled to make a significant announcement today at 10 a.m. The announcement may concern a key development in her ongoing efforts to establish a US strategic Bitcoin reserve, a proposal aimed at mitigating inflation concerns.
Key Takeaways:
- Senator Lummis has been a vocal proponent of a US strategic Bitcoin reserve.
- Her BITCOIN Act suggests the US Treasury acquire 1 million Bitcoins over five years, holding them for a minimum of 20 years.
Senator Lummis hinted at the upcoming news on X (formerly Twitter), stating, "₿ig things are coming." This was followed by a tweet indicating a 10 a.m. announcement.
Fox Business reporter Eleanor Terrett reported that the Senate Banking Committee will vote at 10 a.m. on Senator Lummis potentially becoming chair of the digital assets subcommittee. This suggests the announcement might primarily focus on the committee vote rather than an immediate Bitcoin reserve update.
However, speculation persists that Lummis's potential chairmanship could be connected to a development concerning the US strategic Bitcoin reserve.
The BITCOIN Act:
The Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, introduced in July 2024, proposes a significant Bitcoin acquisition by the US Treasury. The act has sparked debate in Congress, but Senator Lummis plans to reintroduce it in January 2025, hoping to leverage support from the current administration's pro-crypto stance.
A December 2024 meeting between Senator Lummis and Treasury Secretary nominee Scott Bessent, a known supporter of Bitcoin, further fuels speculation about potential updates to the BITCOIN Act or other Bitcoin-related initiatives.
Proponents of the Bitcoin reserve strategy believe it could bolster the US dollar by integrating Bitcoin as a complementary asset. The 10 a.m. announcement will likely shed light on the true nature of this anticipated development.
This story is developing.
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