Key Takeaways:
- Senate Bitcoin Reserve Proposal: Wyoming Senator Cynthia Lummis plans to introduce legislation for a U.S. Bitcoin reserve, targeting 1 million BTC for long-term government holding.
- Republican Pro-Crypto Shift: With projected Republican Senate gains, pro-Bitcoin policies, including Lummis’s proposal, may gain momentum.
- Crypto Market Reaction: Bitcoin prices surged above $76,000 following election results, signaling optimism among crypto advocates.
Senator Cynthia Lummis of Wyoming has reaffirmed her commitment to establishing a “strategic Bitcoin reserve” following Republican gains in the U.S. Senate.
This plan, originally part of the Bitcoin Act introduced in July, proposes that the U.S. government acquire 1 million BTC — about 5% of the total Bitcoin supply — and hold it for at least 20 years.
WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸
— Senator Cynthia Lummis (@SenLummis) November 6, 2024
The Republican Senate majority could bolster Lummis’s pro-Bitcoin agenda, aligning with Donald Trump’s similar stance on retaining seized Bitcoin assets.
Lummis, an active crypto advocate since 2021, sees recent Republican victories as a chance to advance pro-crypto legislation.
Following election results, BTC prices surged above $76,000, reflecting market optimism about potential policy shifts.
Other pro-crypto candidates, including Republican Bernie Moreno, gained seats, while Democrat Sherrod Brown, an anti-crypto senator, lost his.
The crypto community’s role in the election has prompted figures like Y Combinator co-founder Paul Graham to suggest that the Democrats’ anti-crypto stance may have cost them support.
Democrats will retain Senate control until January, with potential regulatory shifts expected thereafter.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
