TechFlow News — On July 25, according to Fox Business, Wyoming Senator Cynthia Lummis is preparing to announce major legislation at the upcoming Bitcoin Conference, calling for the Federal Reserve to hold a portion of Bitcoin as a strategic reserve asset. Sources indicate that Lummis aims to release the proposal before Trump’s speech on Saturday in hopes of securing his support. This week, Lummis teased the announcement on social media, stating, “Something big is happening this week—stay tuned.”
While the bill’s full details have not yet been released, an initial draft indicates it would direct the Federal Reserve to purchase Bitcoin and hold it as a reserve asset, similar to how the Fed holds gold and foreign exchange reserves. Lummis is also actively engaging with colleagues on the Senate Banking Committee to secure co-sponsors for the bill. Additionally, she may choose to unveil the legislation during a fireside chat hosted by former Democratic Congresswoman Tulsi Gabbard.
Alex Chizhik, Chief Commercial Officer at HarrisX, said that holding Bitcoin as a strategic reserve asset would be a significant move, not only enhancing stability for the U.S. dollar and capital markets but also signaling the central bank's openness to innovation.
