Senator Cynthia Lummis is poised to make a significant announcement today at 10 a.m., potentially marking a major milestone in her efforts to advocate for a US strategic Bitcoin reserve.
In a post on X, Lummis hinted at big news, stylizing the word “Big” with the Bitcoin symbol. She followed up with a message encouraging followers to “Stay tuned for 10 a.m.,” sparking speculation about the announcement’s focus.
Fox Business reporter Eleanor Terrett revealed that the Senate Banking Committee is scheduled to vote at the same time on Lummis’s potential appointment as chair of the digital assets subcommittee. While this vote is expected to be a focal point, some speculate that it could coincide with updates on the strategic Bitcoin reserve initiative.
Lummis has been a consistent advocate for Bitcoin, introducing the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in July 2024. The act proposes that the US Treasury acquire up to 1 million Bitcoins over a five-year period, with a mandatory 20-year holding period. The aim is to address inflation concerns while strengthening the US dollar by positioning Bitcoin as a complementary asset.
While the BITCOIN Act has faced mixed reactions in Congress, Lummis plans to reintroduce the bill in January 2025, leveraging a more crypto-friendly political landscape. This follows a December 2024 meeting with Treasury Secretary nominee Scott Bessent, a vocal supporter of Bitcoin and other digital assets, further fueling speculation about potential developments in US financial strategy.
Supporters of the proposed Bitcoin reserve believe it could bolster the US dollar’s stability while fostering innovation in the digital economy. As Lummis’s announcement approaches, anticipation grows over whether it will include updates on this groundbreaking initiative or other plans to strengthen the nation’s role in the digital asset space.
