States may adopt BitcoinBTCSenator Cynthia Lummis, a New York-based senator and Bitcoin Investor Week speaker on February 28, reportedly stated that the US government should be able to access the reserves of the cryptocurrency before anyone else.
“My bets are that you’ll see a state have a Bitcoin strategic reserve before the federal government,” Lummis said, according Bloomberg’s report on the matter.
Lummis proposed a bill in July 2024 by a Wyoming Republican named Lummis. legislation This would mean that the US Federal Government must create a Bitcoin national stockpile.
Her bill, dubbed BITCOIN, would require the US Treasury Department gradually to acquire 1 million BTC. “a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States,” Lummis website.
Lummis introduced the Bitcoin Act on July 20, 2024. Source: Cynthia Lummis
Related: Michigan becomes latest state to propose crypto reserve bill
Bitcoin Reserve: Progress towards a reserve
Donald Trump issued an executive order in January that required federal officials study the feasibility and potential of a Bitcoin reserve. This was the first action of Trump’s new presidential term that began on January 20.
Trump issued another executive order in February instructing the US to establish a sovereign fund that could be used as a means of purchasing BTC.
“We’re seeing the United Arab Emirates purchase Bitcoin. You’re going to look at some of the sovereign wealth funds around the world who are not as tied up in a democratic republic like we are, be able to just make it so,” Lummis, a rumor has it, said.
There are currently 18 US states that have crypto reserve bills pending Senate votes, while two — Arizona The following are some examples of how to get started: Utah — are in the final stages of the approval process.
Montana, Wyoming North Dakota South Dakota Pennsylvania and Wyoming have rejected bills that would allow state-sponsored crypto investments.
Some states led by Democrats may not be happy with Trump’s anti-crypto stance. However, many others will embrace the crypto issue as a bipartisan one.
“[T]here are so many states out there that are pro-crypto, and they don’t necessarily follow blue or red policies,” Ashley Gunn said this during a panel at ETHDenver on February 28. Cointelegraph was there.
The United States could benefit from establishing a Bitcoin strategic reserve. accelerate Bitcoin’s adoption CoinShares cryptocurrency analyst said CoinShares in January that there will be more launches than the exchange-traded Fund (ETF) launched by 2024.
“We believe that the enactment of the Bitcoin Act in the United States would have a more profound long-term impact on Bitcoin than the launch of ETFs,” CoinShares said.
Bitcoin ETFs, based in the US, will be launched by January 2024 and hold up to $100 billion of BTC.
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Source: cointelegraph.com
