US Bitcoin reserve asset bill could pass in Donald Trump’s first 100 days – Senator Cynthia Lummis US Bitcoin reserve asset bill could pass in Donald Trump’s first 100 days – Senator Cynthia Lummis
The proposed legislation seeks to position the US as the largest government Bitcoin holder, echoing its gold reserve status.
2 min read
Updated: Nov. 12, 2024 at 9:34 am UTC
Gage Skidmore / CC BY-SA 2.0 / Flickr. Remixed by CryptoSlate
US Senator Cynthia Lummis remains hopeful that her proposal to establish a national Bitcoin reserve could pass within the first 100 days of Donald Trump’s second presidential term.
On Nov. 11, Lummis shared on X that bipartisan backing could propel the bill forward if public support strengthens. She argued that this legislation would improve the US financial landscape and reinforce its status as a forward-thinking leader in the Bitcoin space.
According to the lawmaker:
“I believe we can get this done with bipartisan support in the first 100 days IF we have the support of the people. It is a game changer for the solvency of our nation. Let’s put America on sound financial footing and pass the Bitcoin Act!”
Lummis introduced the bill in July, aiming to use funds from the Federal Reserve and Treasury Department to acquire one million bitcoins. This would make the United States the largest government Bitcoin holder, equating to about 5% of the network’s total supply—similar to the country’s stake in global gold reserves.
The legislation also seeks to establish a Bitcoin reserve and safeguard property rights over Bitcoin ownership and custody. It proposes a decentralized network of secure vaults overseen by the Treasury Department to ensure top-tier asset protection.
While the bill previously stalled in the Senate, advocates are optimistic about its future, considering Trump’s favorable disposition to the idea. David Bailey, a vocal supporter of Trump’s Bitcoin agenda, has stressed that establishing the Bitcoin reserve is the top priority for the President-elect’s first 100 days.
Despite this strong support, the bill would still need to pass through the legislative process, including Senate and House approvals, before reaching the president’s desk for final authorization.
Bipartisan support
The idea of a national Bitcoin reserve has already attracted bipartisan support. Democratic Representative Ro Khanna voiced his support in a recent podcast, noting that Bitcoin’s growth potential makes it an exciting choice for the Federal Reserve to enhance the nation’s financial standards. He stated:
“We want to make sure that we have the openness to having bitcoin as part of the Federal Reserve and as a reserve asset because of its potential for appreciation and because of its potential to allow America to set the financial standards.”
VanEck’s Head of Digital Assets Research, Matthew Sigel, emphasized that a strategic Bitcoin reserve could strengthen US influence in several key areas, including energy production, artificial intelligence, and decentralized finance.
Sigel also pointed out that the US government could repurpose more than 200,000 BTC while mining the rest through “public-private partnerships with no capital at risk in some of these new frontier cities.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Donald John Trump was born on June 14, 1946, in Queens, New York City.
Cynthia Lummis, known for her pro-crypto views, is a United States Senator from the great State of Wyoming.