Cynthia Lummis

Top Republican Retains Hope U.S. Crypto Legislation Can Get Done This Year

Published

4 weeks ago

August 22, 2024

“The motivation and the incentives are there. Two pieces of the incentives that are really important, [House Financial Services Committee Patrick] McHenry [in] financial services, [Senate Agriculture Committee Chair Debbie] Stabenow [are both retiring members,” he said. “Schumer wants to give Stabenow a swan song, which could be this legislation. So you have the forces on both sides of the aisle in a bicameral way, working to get something done so that their legacy includes legislation that will be incredibly beneficial, not only to the industry, but in my opinion, to the American consumer.”

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Bitcoin 2024

Senator Cynthia Lummis Announces Bill for US To Buy 1 Million Bitcoin

Published

2 months ago

July 30, 2024

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Senator Cynthia Lummis (R-WY) has announced plans to introduce legislation directing the U.S. government to accumulate 1 million Bitcoin, which would be worth over $68 billion at current prices.

Speaking at the Bitcoin 2024 conference in Nashville, Lummis said the bill would have the U.S. Treasury purchase Bitcoin over a 5-year period as a strategic reserve asset to fortify the dollar. She likened it to the government’s strategic petroleum reserve.

“We know from modelling the numbers and past experience with Bitcoin that it is capable of being an absolute game changer for the mess the United States has gotten itself into with its debt and its deficits,” says Lummis.

The senator said the government would self-custody the Bitcoin across various geographic locations. The assets could only be used to pay down the national debt and would need to be held for at least 20 years.

Lummis has been one of the leading Bitcoin advocates in Congress. She believes acquiring Bitcoin will help stabilize the dollar’s value and counter inflation. The national debt recently surpassed $35 trillion.

Her proposal follows former President Donald Trump’s endorsing the idea of a U.S. Bitcoin reserve at the Nashville conference. Trump said he would never sell any of the government’s 210,000 bitcoin holdings.

Independent presidential candidate Robert F. Kennedy Jr. also called for purchasing 500 bitcoins daily until accumulating a 4 million Bitcoin reserve.

While Lummis admits her legislation is unlikely to pass before the 2024 elections, she believes the growing political interest in Bitcoin reserves reflects a paradigm shift. Bitcoin has become a major campaign issue, with both parties courting the burgeoning industry.

Lummis bill represents the most aggressive government adoption of Bitcoin proposed yet. Though its prospects remain uncertain, the move would legitimize Bitcoin as an economic asset.

Lummis said she is “optimistic” that other Bitcoin-focused bills could still pass this year as Bitcoin moves closer to the political mainstream.

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Bitcoin

Senator Cynthia Lummis Proposes the US Accumulates 1,000,000 Bitcoin Amid Record-Level National Debt

Published

2 months ago

July 29, 2024

admin

A pro-crypto senator is proposing legislation for the US to stockpile 1 million Bitcoin (BTC) as the country’s national debt continues to rise.

Speaking at the Bitcoin 2024 Conference, Republican Senator Cynthia Lummis of Wyoming announces that she will propose a bill to establish a BTC reserve as a means of securing the value of the US dollar amid a record-breaking national debt.

“Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation.

Families across Wyoming and the US are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing economic future.”

According to Lummis, the legislation will drive the US government to accumulate 1 million BTC or 5% of BTC’s total supply in five years.

“With a strategic Bitcoin reserve, we will have an asset that can cut our debt in half by 2045.”

Lummis says the plan is to convert excess funds from the 12 Federal Reserve banks into Bitcoin over a period of half a decade.

“This is the solution. This is the answer. This is our Louisiana Purchase moment!”

According to data from the U.S. Treasury Department, the current national debt is sitting at a staggering $34.99 trillion.

Bitcoin is trading for $68,478 at time of writing, a marginal increase during the last 24 hours.

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Bitcoin

Key U.S. Senate Republican Tim Scott Makes Crypto-Fan Debut

Published

2 months ago

July 27, 2024

admin

U.S. Sen. Tim Scott (R-S.C.), the top Republican on the Senate Banking Committee who may be in position to be its next chairman, argued at a Bitcoin 2024 appearance on Friday that the government should “make it easy” for the crypto industry to innovate in the U.S.

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