Senator Cynthia Lummis is set to shake things up. The pro-crypto Republican is cooking up a bill to make Bitcoin a mainstream asset. It's a big deal, folks.
Fox Business spilled the beans. They say Lummis wants the Federal Reserve to hold Bitcoin as a strategic reserve. Three crypto bigwigs are in the know.
The senator's keeping her cards close to her chest. But word on the street is she'll unveil the bill at the Bitcoin Conference in Nashville. It's happening this Saturday, right before Trump takes the stage.
Lummis' team is crossing their fingers for Trump's thumbs-up. But plans can change. The announcement might be pushed back.
There's another option on the table. Lummis could drop the bomb during a Friday chat with Tulsi Gabbard. Gabbard, a former Dem, now backs Trump's presidential run.
The bill's nitty-gritty is still under wraps. But Lummis teased something big on social media. "₿ig things are in store this week. Stay tuned!" she wrote.
An insider gave us a peek at the draft. The bill aims to make the Fed buy and hold Bitcoin. It'd be like how they handle gold and foreign currencies.
The goal? Steady the U.S. monetary system and prop up the dollar. Lummis is drumming up support from her Senate Banking Committee colleagues.
Alex Chizhik from HarrisX chimed in. He told Fox Business: "Having the Fed hold Bitcoin as a strategic reserve asset would be a momentous move. It brings stability to the U.S. dollar and our capital markets. It also signals that our central bank is embracing innovation."
But it's not all smooth sailing. The bill needs both presidential and congressional backing. That's a tall order given the skepticism around digital currencies.
The $2 trillion crypto industry has its fair share of fraud issues. Many economists aren't sold on its value as a financial asset.
Right now, the U.S. is sitting on about 210,000 Bitcoins. Each one's worth over $66,000. Most came from Department of Justice seizures of illicit activities.
The Bitcoin Conference is drawing some heavy hitters. Michael Saylor, Cathie Wood, Vivek Ramaswamy, and Robert F. Kennedy Jr. are all on the guest list.
It's happening against a backdrop of political heat. Both parties are eyeing crypto-owning voters. The November presidential election is shaping up to be a nail-biter.
Rumors are swirling about Trump's plans. Some say he might label Bitcoin a strategic asset at the conference. Dennis Porter from Satoshi Act dropped that bombshell.
Kamala Harris was thinking about showing up too. But she ended up backing out. The crypto world is watching closely as the political drama unfolds.