Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill, officially designated as S.4912. This groundbreaking legislation aims to establish a Strategic Bitcoin Reserve to ensure the transparent management of Bitcoin holdings by the Federal Government.
The bill outlines several programs to manage these holdings effectively, aiming to offset costs using certain resources from the Federal Reserve System.
Upon its introduction, the bill was read twice and referred to the Committee on Banking, Housing, and Urban Affairs for further deliberation.
In a recent statement, Senator Cynthia Lummis expressed her belief that a Donald Trump presidency would be transformative for both Bitcoin and the broader country. Lummis emphasized Trump’s pro-Bitcoin stance and suggested that his administration would foster innovation by reducing regulatory barriers.
Lummis criticized the current regulatory approach, particularly targeting the SEC for its tendency to impose fines and enforcement actions without providing clear regulatory guidelines. “People want to comply with the law, but if you don’t know what the law is, you’re stabbing in the dark at trying to hit the compliance target,” she said. Lummis argued that such an approach hinders innovation and called for a regulatory framework that supports technological advancement.
