The post Senator Cynthia Lummis Officially Introduces Bitcoin Strategic Reserve Bill appeared first on Coinpedia Fintech News
During the Bitcoin 2024 conference in Nashville on July 27, US Senator cynthia lummis 
cynthia lummis
Cynthia Lummis is the Senator of the United States from Wyoming. She has a net worth ranging from $20 million and $75 million. On her son-in-law’s advice, she purchased Bitcoin and became the first U.S senator to possess cryptocurrency. She possesses no less than $230,000 worth of Bitcoin. She adopted office on January 3, 2021, the term terminates on January 3, 2027. She has always been focused on advocating for Wyoming’s future. She struggled her entire career fighting for Wyoming families, communities, businesses, and values. Beginning at the halls of the Wyoming House to the Halls of the U.S. House.
Lummis was born on September 10, 1954, and graduated from the University of Wyoming, earning a bachelor’s degree in animal science, and biology. She also achieved a Juris Doctor from the University of Wyoming College of Law. Her career experience comprises working as general counsel to previous Wyoming Governor Jim Geringer, Wyoming House of Representatives, as a treasure of Wyoming, and in the United States House of Representatives from Wyoming’s at-large congressional district.
In 1990, she also worked as the chair of Mary Mead’s gubernatorial campaign and Ray Hunkins’s gubernatorial campaign, in 2006, also served on Bob Dole’s presidential steering committee in Wyoming. Through her firmly beneficial crypto position, she developed the reception and fair guidelines of computerized resources in the United States. She voluntarily organized a great foundation for herself as a significant Bitcoin financial backer. She is professed to continue encouraging the developing cryptocurrencies industry in the United States and all over the world in 2022. Her urge for transparency on cryptographic forms of money and stable coins in U.S. regulation will maintain on becoming tremendous. She had been always looking for a store of value, and she believes bitcoin specifically is a great store of value and knew that scarcity will protect its value going into the future, unlike the U.S. dollar that they are printing more of every single day.
Investor
proposed a groundbreaking bill for the U.S. government to purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years.
She explained that it could be used to reduce the debt and stated “this is the solution” on stage after Donald Trump spoke and endorsed the idea of a bitcoin reserve.
Bitcoin Strategic Reserve Bill, Officially Introduced
In the latest development, on July 31, the Senator officially introduced the Bitcoin Strategic Reserve bill that would direct the US government to start a reserve fund for the scarce decentralized asset.
The bill would establish a “decentralized network of secure Bitcoin vaults” under the control of the United States Treasury. It also directs lawmakers and bureaucrats to enact strict cybersecurity parameters and other physical security measures to ensure that Bitcoin funds are not stolen.
The Wyoming senator also released a statement about the historic proposal stating, “As families across Wyoming struggle to keep up with soaring inflation rates and our national debt reaches new and unprecedented heights, it is time for us to take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve.”
The Bill Highlights Bitcoin’s Advantages
The bill stated, “Just as gold reserves have historically served as a cornerstone of national financial security, Bitcoin represents a digital-age asset capable of enhancing the financial leadership and security of the United States in the 21st-century global economy.”
“The acquisition and long-term storage of substantial quantities of Bitcoin by the United States can strengthen the financial condition of the United States, providing a hedge against economic uncertainty and monetary instability,” it further stated.
The bill also underscored that diversification of the national assets of the United States to include Bitcoin can enhance financial resilience and position the United States at the forefront of global financial innovation.
Politicians Support For The Bill
Senator Lummis’ ambitious plan has been hinted at and echoed by politicians like Robert F Kennedy Jr
Robert F Kennedy Jr
Robert Francis Kennedy is an American politician, environmental lawyer, anti-vaccine activist, and conspiracy theorist. He is also the chairman and founder of Children’s Health Defense, an anti-vaccine advocacy group. He was born on January 17, 1954. A member of the Kennedy family, he is a son of the U.S. attorney general and Senator Robert F. Kennedy, and a nephew of the U.S. President John F. Kennedy and Senator Ted Kennedy. Kennedy began his career as an assistant district attorney in New York City. In the mid-1980s, later he joined two nonprofits that emphasized environmental protection: Riverkeeper and the Natural Resources Defense Council
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and Donald Trump
Donald Trump
Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election
President
However, shortly after Trump promised not to sell any of the US Bitcoin holdings if elected, the government transferred 29,800 Bitcoin, valued at roughly $2 billion, to an unmarked wallet address. Peter Schiff stated that Trump should have kept his intention a secret until he was actually in office, as the Biden administration is wise to his plan, and will make sure to sell every satoshi before Trump takes office.
