US Senator plans to announce legislation for Strategic Bitcoin Reserve at Bitcoin 2024 

Wyoming Senator Cynthia Lummis is set to introduce a bill that could establish Bitcoin as a mainstream financial asset in the United States.

At the upcoming Bitcoin 2024 conference in Nashville, Tennessee, where former President Donald Trump is also expected to speak, Lummis aims to announce a bill that would require the Federal Reserve to hold Bitcoin (BTC) as a strategic reserve asset.

If successful, the move would mark a significant shift in U.S. monetary policy and bring Bitcoin into line with traditional reserves like gold and foreign currencies.

Details of the bill are being kept secret, but insiders have revealed that the Fed has ordered Bitcoin to be included in its reserves to increase the stability of the US dollar. Lummis has the support of his Senate Banking Committee colleagues and is hoping for Trump’s approval.

Fox Business was the first to report on the potential bill.

What will the US Bitcoin reserve look like?

If the US were to adopt Bitcoin as a strategic reserve asset, it would strengthen its position as the largest nation-state holder of Bitcoin and reflect Trump’s view that all remaining Bitcoin should be mined in the US.

Essentially, a Bitcoin strategic reserve asset would involve the U.S. Treasury Department holding a significant amount of Bitcoin as part of its reserve portfolio, just like they do with gold or foreign currencies.

A reserve would be an official endorsement by the U.S. government of Bitcoin’s legitimacy and future use cases. The move would put the U.S. in an advantageous position against global competitors and accelerate Bitcoin’s acceptance as digital gold and long-term savings.

Bitcoin in the middle of politics

The proposal comes amid a politically charged climate, with Vice President Kamala Harris, the presumptive Democratic nominee, being advised to soften the administration’s stance on crypto.

Since the US already holds a significant amount of Bitcoin, the potential law could spark a global race among nations to accumulate more assets.