At the 10-year anniversary celebration of The Digital Chamber (TDC) in Nashville, Senator Cynthia Lummis hinted at a major announcement relating to Bitcoin. This created a buzz throughout the cryptocurrency group. Moreover, Custodia Bank CEO Caitlin Long prolonged her help to Lummis and spotlighted the ussenator’s impending announcement.
Senator Cynthia Lummis’ Major Announcement In Bitcoin Conference 2024
“Great to be in Nashville. Much to discuss,” Senator Cynthia Lummis wrote on X, quoting a publish by The Digital Chamber that promised a notable revelation coming this Saturday. The Digital Chamber publish famous, “At TDC’s 10 year anniversary party in #Nashville, Senator Cynthia Lummis hinted at a significant #bitcoin announcement coming this Saturday. Stay tuned for more details.”
According to a current report, Senator Lummis plans to introduce groundbreaking laws that would place Bitcoin as a strategic reserve asset for the US Federal Reserve. This transfer, if realized, might revolutionize the best way digital currencies are perceived and built-in into the mainstream monetary system. Hence, the newest assertion in Nashville marks the primary public acknowledgment of the upcoming announcement.
Earlier, Fox Business’ senior correspondent, Charles Gasparino, reported that Senator Cynthia Lummis goals to unveil this laws on the Bitcoin Conference 2024. This invoice would set up a pathway for the US Federal Reserve to carry Bitcoin as a strategic reserve asset, much like gold and foreign currency.
Additionally, Gasparino famous, “The Senator hopes to gain support from former President Donald Trump, who is also speaking at the event.” Furthermore, rumors have been swirling available in the market that Donald Trump would possibly announce Bitcoin as a US strategic reserve on the upcoming convention.
Dennis Porter, CEO of Satoshi Action Fund, fueled these speculations by claiming his sources are credible. Porter acknowledged, “If the former U.S. President follows through, it could shift global economic strategies, reinforcing Bitcoin’s status as digital gold.”
Also Read: Bitcoin Conference: Donald Trump Plays ‘Uno Reverse’ On Kamala Harris
Significance Of The Bill
Moreover, A report from Fox Business elaborated on Senator Cynthia Lummis’ plan, revealing that she has been quietly engaged on this laws. The invoice’s main purpose is to direct the Federal Reserve to amass and maintain Bitcoin, integrating it into the US monetary framework. The report means that Lummis would possibly announce her intentions through the convention, probably earlier than Trump’s speech, aiming to safe his endorsement.
Alex Chizhik, Chief Commercial Officer at HarrisX, highlighted the potential significance of the invoice. “Having the Federal Reserve hold Bitcoin as a strategic reserve asset would be a groundbreaking move, signaling the central bank’s embrace of innovation,” Chizhik famous. He added that this motion might stabilize the U.S. greenback and convey legitimacy to Bitcoin as a monetary asset.
Senator Cynthia Lummis, dubbed because the “Crypto Queen” on Capitol Hill, has been a vocal advocate for the cryptocurrency area. She has expressed agency opposition to the implementation of Central Bank Digital Currencies (CBDCs), describing them as instruments for presidency surveillance. Instead, she advocates for monetary sovereignty.
“We want to make sure people can have individual wallets for their Bitcoin,” she acknowledged. Lummis believes that integrating BTC into the US monetary system might reinforce the energy of the US greenback. “We know that we want the US Dollar to remain strong. Having Bitcoin in reserves can actually help the US dollar to remain strong,” she asserted in a July publish.
Political Odds
Adding to the complexity of the scenario, Robert F. Kennedy Jr., one other pro-crypto presidential candidate, has revealed his help for BTC. He plans so as to add a BTC reserve equal to the gold reserve, roughly $615 billion. “I am a huge supporter of Bitcoin,” Kennedy mentioned at a current convention.
This assertion signifies that if both Trump or Kennedy wins the presidential race, the chance of a Bitcoin reserve might improve considerably. However, the political panorama stays unsure.
Democrat candidate Kamala Harris, who believes Bitcoin is primarily used for “criminal” actions, additionally boasts important odds of profitable. Hence, her stance might complicate the potential for Bitcoin to be adopted as a strategic reserve asset.
Also Read: Kamala Harris Releases First Election Ad Ahead Bitcoin Conference
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