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US Bitcoin Reserve Legislation Gains Bipartisan Support With Democrat’s Endorsement

Ronaldo Marquez
by Ronaldo Marquez
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a recent Forbes report, US lawmakers from both sides of the political spectrum are rallying around a proposal to create a strategic Bitcoin (BTC) reserve for the US, following Senator Cynthia Lummis’ speech at the 2024 Bitcoin Conference in Nashville. 

The pro-crypto Senator unveiled the new legislation to use existing federal funds to purchase one million BTC, positioning the United States as the largest nation-state holder of the cryptocurrency. 

Bitcoin As Federal Reserve Asset

On the same day Lummis introduced her legislation, former President Donald Trump outlined his own vision for a “national Bitcoin stockpile,” committing to never sell the roughly 200,000 Bitcoin currently held by the US government. Trump characterized BTC as akin to the steel industry of a century ago, asserting his intent to make the US the “crypto capital of the planet.”

Related Reading: Elon Musk’s Favorite Memecoin: Dogecoin Finds Niche In Retail Payments

Former presidential candidate Robert F. Kennedy Jr. also contributed to the discussion, proposing a more ambitious plan to acquire five million BTC—approximately a quarter of the global supply. 

Interestingly, support for a strategic Bitcoin reserve is increasingly crossing party lines. Representative Ro Khanna, a Democrat from California, has publicly endorsed the idea, emphasizing the need for the Federal Reserve (Fed) to consider Bitcoin as a reserve asset. 

“We want to make sure that we have the openness to having Bitcoin as part of the Federal Reserve,” Khanna stated in a recent podcast, highlighting BTC’s potential for appreciation and its role in establishing financial standards.

Democratic Push For Digital Assets

The Bitcoin currently held by the US government primarily comes from confiscations related to illicit activities. Traditionally, the government would liquidate these assets, but Khanna argues that this BTC should be retained as a strategic reserve, allowing the US to benefit from its value over time.

Khanna also played a pivotal role in urging the Democratic National Committee to revise its stance on digital assets. In a letter to party leaders, he called for a “crypto reset,” advocating for the inclusion of pro-digital asset language in the party platform and greater engagement with industry experts.

Related Reading: Iran’s Missile Strike On Israel Shakes Crypto Market, Prices Plummet

Dennis Porter, CEO of the non-profit Satoshi Action Fund, suggested that supporting initiatives such as a strategic Bitcoin reserve could help Democrats connect with a growing demographic of BTC voters. He believes that as the cryptocurrency matures, the political partisanship surrounding it will diminish. 

Khanna echoed this sentiment, asserting that opposing BTC is akin to rejecting technological advancements. “You can’t be against Bitcoin or crypto; it’s just a technology,” he remarked, reinforcing the notion that embracing digital assets could align with broader party goals, including financial equity and sustainable energy policies.

Lummis, who champions the bipartisan potential of Bitcoin, urged both Republicans and Democrats to support her bill. “Although the Republican National Committee and President Trump have come out strong in support of Bitcoin, I would expect my colleagues across the aisle to join us,” she stated, indicating that the 2024 election cycle may be a pivotal moment for cryptocurrency policy.

Bitcoin
The 1D chart shows BTC’s price trending downwards. Source: BTCUSDT on TradingView.com

At the time of writing, BTC is trading at $60,333, down nearly 4% over the past seven days. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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