No Announcement on Bitcoin as Strategic Reserve by Senator Lummis at Nashville Bitcoin Conference

Bitcoin Cynthia Lummis Federal Reserve

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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July 27, 2024

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Crypto-friendly Senator Cynthia Lummis did not unveil legislation that would establish Bitcoin as a strategic reserve asset for the United States during her speech at the Bitcoin 2024 conference in Nashville.

Lummis, who was expected to deliver a speech at the conference, shared the stage with Senator Tim Scott.

Despite widespread speculation, her address did not include the anticipated unveiling of legislation that would establish Bitcoin as a strategic reserve asset.

Lummis Criticizes SEC During Speech

During her presentation, the Wyoming Senator criticized the Securities and Exchange Commission for its enforcement-centric approach to industry regulation, emphasizing the importance of a legal framework over arbitrary actions.

She redirected the conversation towards governmental monetary control and highlighted the Republican Party’s revised stance on safeguarding digital asset ownership and custody.

Describing Bitcoin as “freedom money,” Senator Lummis underscored its role in granting individuals financial sovereignty, from the most economically disadvantaged to prominent figures like Michael Saylor.

Both Lummis and Scott also touched upon the vital role played by the Bitcoin mining sector in exploring innovative energy solutions and fortifying the nation’s critical energy infrastructure, a recurring theme throughout the conference.

Leading up to the Bitcoin 2024 conference, speculations ran high about a potential announcement from Senator Lummis regarding legislation that could designate Bitcoin as a strategic reserve asset.

At the time, a source familiar with the initial drafts of the legislation indicated that the bill aims to direct the Federal Reserve to purchase and hold Bitcoin similarly to how it manages gold and foreign currencies.

Figures like Mark Cuban envisioned a future where Bitcoin could serve as both a national strategic reserve asset and a global reserve currency, considering geopolitical shifts.

Some experts, such as asset manager Bryan Courchesne, viewed regulatory obstacles to making Bitcoin a strategic reserve asset as challenging but feasible.

However, others like BlockTower Capital’s Ari Paul expressed skepticism, predicting unfavorable odds for Bitcoin’s strategic reserve status by 2028.

Meanwhile, Senator Tim Scott, poised to lead the Senate Banking Committee, explored the concept of using Bitcoin to establish “opportunity zones,” offering tax-free investment opportunities to developers engaged in building infrastructure within underserved communities.

Trump to Address Bitcoiners During Bitcoin Conference

The Bitcoin Conference, featuring notable figures such as MicroStrategy’s Michael Saylor, Ark Invest’s Cathie Wood, former presidential candidate Vivek Ramaswamy, and independent candidate Robert F. Kennedy Jr., occurs amid a heated national political landscape.

Both parties are courting crypto-owning voters in what promises to be a tightly contested presidential election in November.

There are also rumors that Trump may designate Bitcoin as a strategic asset at the forthcoming Bitcoin 2024 Conference in Nashville.

Dennis Porter, co-founder of the non-profit organization Satoshi Act, revealed that insider sources have suggested this move is on Trump’s agenda.

As reported, Kamala Harris’ campaign considered participating in the upcoming Bitcoin Conference.

However, she later announced her decision not to speak at the conference.