• Senator Cynthia Lummis plans to introduce new crypto-friendly legislation. 
• The bill requires the Federal Reserve to buy and hold Bitcoin as the country’s strategic reserve.
• The move is expected to elevate the US economy to lead global finance. 

Republican Senator Cynthia Lummis is expected to introduce new crypto-friendly legislation during the Bitcoin Conference 2024 in Nashville on Saturday. According to sources familiar with the matter, Lummis plans to announce Bitcoin as a strategic reserve asset. 

The bill’s details remain under wraps, but a source revealed that it would mandate the Federal Reserve to purchase and hold Bitcoin as a reserve asset. The central bank currently holds gold and foreign currencies to manage the U.S. monetary system and maintain the dollar’s stability.

Alex Chizhik, chief commercial officer at the research firm HarrisX, commented on the potential benefits of raising Bitcoin’s status as the US strategic reserve. He cited,

“Having the Fed hold bitcoin as a strategic reserve asset would be a momentous move that brings stability to the U.S. dollar and our capital markets. It also sends a loud signal that our central ba…

The post Senator Lummis to Introduce Bill Making Bitcoin a U.S. Reserve Asset appeared first on Coin Edition.

• Senator Cynthia Lummis plans to introduce new crypto-friendly legislation. 
• The bill requires the Federal Reserve to buy and hold Bitcoin as the country’s strategic reserve.
• The move is expected to elevate the US economy to lead global finance. 

Republican Senator Cynthia Lummis is expected to introduce new crypto-friendly legislation during the Bitcoin Conference 2024 in Nashville on Saturday. According to sources familiar with the matter, Lummis plans to announce Bitcoin as a strategic reserve asset. 

The bill’s details remain under wraps, but a source revealed that it would mandate the Federal Reserve to purchase and hold Bitcoin as a reserve asset. The central bank currently holds gold and foreign currencies to manage the U.S. monetary system and maintain the dollar’s stability.

Alex Chizhik, chief commercial officer at the research firm HarrisX, commented on the potential benefits of raising Bitcoin’s status as the US strategic reserve. He cited,

“Having the Fed hold bitcoin as a strategic reserve asset would be a momentous move that brings stability to the U.S. dollar and our capital markets. It also sends a loud signal that our central ba…

The post Senator Lummis to Introduce Bill Making Bitcoin a U.S. Reserve Asset appeared first on Coin Edition.