Senator Cynthia Lummis, a Wyoming Republican who is known for her bitcoin-friendly policy stance, has submitted a bill proposing the creation of a reserve
Donald Trump's administration is reportedly considering the possibility of creating a strategic bitcoin (BTC) reserve, a move that has been met with varying reactions from the crypto community. The development comes after crypto czar David Sacks confirmed on Fox News that they are exploring a federal strategic BTC reserve.
"President Trump has asked us to study that issue, so we are not ready to comment on it yet. But it's one of the things our working groups are going to look at," Sacks said in the recent appearance.
🚨 NEW: President Trump’s Crypto Czar, David Sacks, confirms on Fox News that they are exploring a Federal Strategic #Bitcoin Reserve. 🚀 pic.twitter.com/vNiGouSZkT
The news follows a bill filed by Senator Cynthia Lummis, a Wyoming Republican known for her bitcoin-friendly policy stance, to create such a reserve. However, this effort is separate from the White House's own exploration.
Lummis' bill proposes a "Bitcoin Purchase Program" to acquire up to 200,000 BTC a year over five years, an effort that will be partially funded by revaluing the Federal Reserve's gold holdings, CoinDesk reported earlier. The bill is currently being considered by the Committee on Banking, Housing, and Urban Affairs.
Among those who have expressed support for such a move is MicroStrategy's (MSTR) Michael Saylor, who claims the plan will protect the dollar.
"The best way to protect the dollar is make sure you retire the debt and become rich," the MicroStrategy (MSTR) executive chairman said at a conference in November. "The next best way to protect the dollar is to make sure that if anybody ever considers a different capital asset other than the treasury bill, you own it."
In related news, the State of Texas recently announced its own plans for a strategic BTC reserve, with Polymarket bettors giving a 53% chance that a bill greenlighting the creation of such a reserve will be passed in 2025.
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