Senator Lummis to Unveil Bitcoin Reserve Bill at Nashville Event

Pro-crypto Senator Cynthia Lummis is set to introduce legislation that could significantly impact the industry. The Wyoming Republican plans to announce her proposal for a Strategic Bitcoin Reserve at the upcoming Bitcoin Conference in Nashville, according to a report by Fox Business on July 24.

This legislation would mark a significant step towards integrating Bitcoin into mainstream financial systems.

Anticipation Builds Around Senator Lummis’ Announcement

The proposed bill aims to require the Federal Reserve to hold Bitcoin (BTC) as a strategic reserve asset, similar to how it holds gold and foreign currencies. This move could position Bitcoin as a critical component in managing the US monetary system and stabilizing the value of the US dollar.

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However, sources familiar with this matter said the bill’s specifics are still under wraps. Insiders reveal that the announcement could happen on Saturday, just before former President Donald Trump’s scheduled speech. Additionally, there is speculation that Lummis might discuss the bill during a fireside chat on Friday, moderated by former Democratic Rep. Tulsi Gabbard, now a Trump supporter.

Furthermore, the report says that Lummis has been actively seeking support from her colleagues on the Senate Banking Committee. By securing co-sponsors, she aims to bolster the bill’s chances of passing through the legislative process. Although Lummis hasn’t officially confirmed the details, her recent tweet hinting at “big things in store this week” has sparked speculation.

The upcoming Bitcoin Conference on July 25 – 27 is expected to be a landmark event for the crypto community. With key industry figures and prominent politicians, including presidential candidates Donald Trump and Robert F. Kennedy Jr., in attendance, the conference promises to be a crucial platform for discussing the future of digital assets.

Read more: A Calendar of the Top Blockchain and Cryptocurrency Events in 2024

BeInCrypto earlier reported that Vice President Kamala Harris was in discussion of being one of the speakers at the conference. However, in the latest developments, David Bailey, CEO of Bitcoin Magazine—the organizer of the Bitcoin Conference, revealed that Harris will not be speaking at the event.

“No surprise. What can she say to us when she’s actively imprisoning developers, forcing our industry overseas, attacking [Proof-of-Work] PoW. It would have been a disaster for her. All eyes on Trump now,” Bailey said on his X (Twitter) account.