Senator Cynthia Lummis of Wyoming is reportedly preparing to introduce new legislation that could change the cryptocurrency landscape in the United States.
According to Fox’s report, the bill, which has not been publicly disclosed, aims to direct the Federal Reserve to acquire and hold Bitcoin in a manner similar to its current holdings of gold and foreign currencies.
Lummis has been teasing this announcement on X, with a recent tweet saying “Big things are in store this week. Stay tuned!”
However, this report comes as former President Donald Trump is scheduled to address an estimated 20,000 attendees at the annual Bitcoin Conference in Nashville this week.
Sources suggest that Senator Lummis may announce her intentions at the conference, possibly before Trump’s speech, with hopes that the former president might endorse the bill.
Alex Chizhik, chief commercial officer at HarrisX, commented on the potential impact of such legislation:
Having the Fed hold bitcoin as a strategic reserve asset would be a momentous move that brings stability to the U.S. dollar and our capital markets. It also sends a loud signal that our central bank is embracing innovation and as an independent body, is the natural nonpartisan home for bitcoin.
According to the report, Senator Lummis has been discussing the bill with colleagues on the Senate Banking Committee in an effort to secure co-sponsors.
If approved, this bill could establish Bitcoin as a mainstream financial asset within the U.S. monetary system.
Also Read: Kamala Harris to skip Bitcoin Conference featuring Trump and Kennedy
