Propy

United

The Republican Party

Bitcoin

Reserve

<ul class="wp-block-list">
 <li>Senator Lummis reaffirmed the US’s commitment to create a strategic Bitcoin reserve.</li>
 <li>A goal of the idea is for the US Fed to own as much as 5% of the entire Bitcoin supply.</li>
</ul>
US Senator <a href="https://thenewscrypto.com/u-s-senator-cynthia-lummis-pushes-for-regulatory-framework-for-crypto/" target="_blank" rel="noopener noreferrer nofollow">Cynthia Lummis</a> revealed a major legislative plan aimed at the Federal Reserve and made a major revelation while remarking on Trump’s victory. The United States intends to establish a strategic Bitcoin reserve, which she again emphasized.
American voters have been diligently following the progress of campaign pledges ever since Trump’s election and subsequent formal swearing-in. This year, US Senator Cynthia Lummis spearheaded a historic effort for a Bitcoin Bill. Lummis reaffirmed the US’s commitment to create a strategic <a href="http://bitcoin.org" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> reserve while remarking on <a href="https://thenewscrypto.com/crypto-whales-plot-their-moves-on-trump-driven-bitcoin-ath-day/" target="_blank" rel="noopener noreferrer nofollow">Trump’s</a> election.
<h3 class="wp-block-heading" id="h-far-greater-odds-of-passing-congress">Far Greater Odds of Passing Congress</h3>
In order to resolve the national debt and boost the US currency, Lummis also stressed the significance of the Fed amassing BTC. “Bitcoin Bill” is the formal name of the proposal, which is the “Innovative Investment for National Competitiveness Enhancement Act.”
The Republican Party now controls both houses of Congress. Consequently, Senator Lummis’ Bitcoin Bill has far greater odds of passing Congress. That was not the case during the Biden administration, when congressional gridlock severely limited attempts at bipartisan legislation. Quicker approvals may be guaranteed by an incoming Trump. Regardless, Trump has promised the cryptocurrency sector that he would build up a large enough Bitcoin reserve.
A goal of the idea is for the US Federal Reserve to own as much as 5% of the entire Bitcoin supply. It plans to acquire 1 million BTC per year. A major change in US economic strategy is indicated by this ambitious initiative. In light of the upcoming change in administration, the market is expected to take into account the possible advantages. Natalia Karayaneva, CEO of Propy Escrow, has said that Senator Lummis will address this matter in further detail at tomorrow’s meeting.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/galaxy-ceo-novogratz-backs-hester-peirce-as-potential-sec-chair/" target="_blank" rel="noopener noreferrer nofollow">Galaxy CEO Novogratz Backs Hester Peirce as Potential SEC Chair</a>

US Strategic Bitcoin Reserve Gains Momentum Following Trump Victory

Table of Contents

TheNewsCrypto

Other articles published on Nov 7, 2024

WazirX to Relaunch and Share Revenue to Repay $235M Hack Victims

Bitunix Responds to Pro Trader Demand with New Copy Trading Feature (7 Nov)

Digital River Suffers $45K Loss in Cryptojacking Attack; Ex-Employee Held

How far is Wall Street from fully embracing Bitcoin now that Trump is president?

TON, APT, SOL, and CYBRO: Altcoins With 5,000% Potential Gains for 2024

StakeStone and Plume Unlocking New Potential Yields Across RWAfi and Liquid Staking Assets

Join our free newsletter for daily crypto updates!