Senator Cynthia Lummis, a long-time crypto advocate, has suggested a new piece of Bitcoin legislation for the US, which would create strategic Bitcoin reserves.
Amidst contrasting opinions on crypto by US lawmakers, one of them has lent support for new Bitcoin legislation. This positive news has come as a huge support for the crypto sector. US Senator Cynthia Lummis, already known for her pro-crypto credentials, has introduced the new crypto regulation. It mainly deals with the US using strategic Bitcoin reserves for its many potential benefits.
Senator Lummis posted an official statement on the development while sharing an official copy of the bill. She noted that the Bitcoin reserves would help in tackling the rising inflation and national debt.
She stated, “Bitcoin is transforming not only our country but the world, and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier.”
Meanwhile, the bill advocates for the US to invest in 5% of the total BTC supply. Other mandates include establishing decentralized Bitcoin vaults to store the holdings, buying it with diversified funds, and others.
This announcement of the bill comes at an interesting phase in the US when political spaces are increasingly deliberating on crypto. Even with different takes, the underlying importance of the crypto sector has emerged in the US and worldwide.
Besides, Senator Lummis has been in the news regarding crypto on multiple occasions. She has always been a pro-crypto lawmaker.
Crypto’s rapid expansion and popularity have also highlighted the need for a robust regulatory framework. A well-structured regulatory environment can offer significant advantages for both the industry and consumers. From risk management to adoption, crypto regulation has benefits in multiple aspects.
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