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U.S. Treasury May Hold Bitcoin: Lummis’ Strategic Reserve Proposal Gains Momentum
Senator Cynthia Lummis has been a long-time advocate for Bitcoin in Congress, and her latest announcement has sparked curiosity among crypto enthusiasts. As the co-host of Bitcoin for America, an event taking place on March 11 in Washington, D.C., Lummis hinted at something substantial, possibly new legislative efforts or policy discussions that could impact the future of Bitcoin in the country.
Lummis Puts Bitcoin on the Big Stage
Lummis has been a key player in shaping Bitcoin and crypto policy in Washington since being sworn in as the first-ever chair of the Senate Banking Subcommittee on Digital Assets on January 23. Her announcement for Bitcoin for America comes at a time when Bitcoin adoption and regulatory frameworks are at a crossroads, with growing interest from both policymakers and financial institutions.
What’s Cooking for Bitcoin in D.C.?
In July 2024, Lummis announced a plan for a U.S. strategic Bitcoin reserve, which called for the U.S. Treasury to gradually accumulate Bitcoin, treating it as a long-term asset rather than a speculative investment. She framed it as a strategy to strengthen the U.S. dollar against inflation and solidify America’s leadership in the global financial system.
As the chair of the subcommittee, Lummis has been actively working on multiple fronts. In February, she sent two key letters pressing financial regulators on crypto-related policies, including:
- Operation Choke Point 2.0: Lummis demanded documents related to alleged regulatory pressure on banks to limit access to crypto-related businesses.
- Protocol Staking: She and a bipartisan group of senators sent a letter to the Securities and Exchange Commission, demanding clarity on its stance toward protocol staking in digital asset exchange-traded products.
These efforts demonstrate Lummis’ commitment to shaping Bitcoin and crypto policy in Washington, and her involvement in Bitcoin for America could serve as a platform to accelerate policy discussions and shape upcoming regulatory moves.
The Meeting That Could Change Everything
The first hearing of the Senate Banking Subcommittee on Digital Assets is set for February 26, marking the start of what could be a defining chapter in U.S. crypto policy. Senator Lummis, who chairs the subcommittee, has called it a critical first step toward bipartisan legislation, with discussions focused on market structure and stablecoins.
Expert witnesses, including Jai Massari and Austin Campbell, will provide testimony that could shape future regulations. Their recent comments suggest a push for a more predictable regulatory framework, and their testimonies could offer a glimpse into what’s next for Washington’s crypto policy.
As the crypto industry continues to evolve, it’s essential to stay informed about the latest developments in Bitcoin and crypto policy. For more news and updates, visit Global Crypto News.
