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Fox Business Reports Senator Lummis to Announce US Bitcoin Reserve at Nashville Conference
- Bitcoin 2024, a conference held in Nashville later this week, is shaping up to be a landmark moment for the industry.
- Increased political attention on the crypto sector has led to major strides in regulation.
- Fox Business has reported that Republican Senator Cynthia Lummis wants to take things to the next level, introducing Bitcoin as a strategic asset in the Federal Reserve.
- Holding BTC would be another hedge against inflation to ensure the US Government maintains a diverse economic portfolio.
Okay. Things in the US political spectrum are starting to get very interesting. Cryptocurrency has swung from an afterthought into the hottest discourse in American politics, thanks largely to “pro-crypto” candidate Donald Trump. The candidate has pushed the narrative of blockchain regulation into the limelight and has prompted several allies, alongside several political enemies, to change their tune on digital currencies.
And perhaps the biggest coup to date is on the horizon, with rumours circling that a Republican Government would introduce a Bitcoin Reserve into the US financial portfolio.
Related: Mark Cuban Reveals: Kamala Harris Reached Out with ‘Multiple Questions’ on Crypto
Trump, Musk and Lummis: Bitcoin 2024 Might be the Crypto Conference of a Lifetime
Fox Business reported overnight that Republican Senator Cynthia Lummis, Wyoming, is set to be another keynote political speaker at the upcoming Bitcoin 2024 Conference next week. The headline act, Donald Trump, has already confirmed his attendance, while speculation that Elon Musk will make an appearance is rife on social media.
While the latter two may just be a cultural win for crypto, “three crypto executives” believe that Sen. Lummis’ speech will include an important announcement for the blockchain world. Specifically, it’s rumoured that Lummis plans to propose new regulation that would force the Federal Reserve to hold at least a portion of Bitcoin as a “strategic asset”.
New Legislation Shows Political Appetite to Embrace Crypto
Of course, this is just the framework of an idea. Passing a Bill in the US requires a lot of support – but given Trump’s newfound love for all things crypto, it’s not hard to see a world where he gives Sen. Lummis’ proposal plenty of consideration.
The bill’s purpose is to ensure the Fed maintains diverse holdings to hedge against inflation and ensure the US dollar remains valuable. The Reserve already owns a large amount of gold and international currencies, so Bitcoin wouldn’t be out of place in their portfolio.
Related: HSBC Blocks All Transactions to Crypto Exchanges Commencing 24 July
The move could be another feather in the cap of crypto legitimacy, demonstrating that the world’s largest economy believes in the asset class. It’s likely that – if the rumours are true and Sen. Lummis’ Bill passes – other governments would quickly follow suit.
Bitcoin has remained stable at the US $65k (AU $99k) mark following a fortnight of positive movement.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
