Senator Lummis’s Bitcoin Act Extends the Federal Reserve’s Bitcoin Capacity to over 1M bitcoins

We mull over how this might affect the price of Bitcoin, and related coins like BTC Bull Token.

Senator Lummis's Bitcoin Act Extends Federal Reserve's Bitcoin Capacity to Over 1M Bitcoins- Best Coins to Buy

Senator Lummis's Bitcoin Act, aiming to establish a US Bitcoin standard and grant the Federal Reserve the capacity to hold over 1M bitcoins, is rolling through Congress.

The act, which was announced by Senator Cynthia Lummis during a session at the Bitcoin Policy Institute, has been met with enthusiasm by the crypto community.

The bill touches upon several critical points, such as the establishment of the Bitcoin Reserve, the Bitcoin Purchase Program, and, more importantly, the Protection of Private Property Rights.

The latter would protect the rights of individuals, companies, and organizations to hold, transfer, and acquire Bitcoin lawfully.

The Bitcoin Act allows the US government to acquire BTC through any lawful means other than the direct purchase. These may include donations, seizures from civil or criminal cases, and transfers from federal agencies.

Lummis's new bill is just the cherry on top. Trump is already leading the way as the most ardent pro-crypto advocate, and as loud as his words are, his actions speak even louder.

The US president just announced a historic crackdown on Biden's Operation Chokepoint 2.0, which prevented bank systems from servicing crypto entities.

Trump's words resonated with the entire crypto space at the White House’s Digital Asset Summit on March 7.

The president stated that he planned to "bring the US fully into the new era of digital assets."

Trump's new executive order would force the Federal Reserve to accept crypto entities into the system, ending Operation Chokepoint 2.0 and what influential voices like MARA CEO Fred Thiel described as 'discriminatory banking and financial practices.'

Elon Musk's Upcoming Crypto Breakthrough

As the newly-appointed head of the Department of Government Efficiency (DOGE), Elon Musk shares Trump's pro-crypto stance.

Despite once claiming that he owned next-to-no BTC, nowadays, Tesla's CEO is hoovering up on Bitcoin and Dogecoin , and his stance on crypto seems pretty unambiguous.

Elon Musk's X Is Launching Its Own Cryptocurrency

The rumors started swirling after a leaked email by Alex Finn, X's chief legal officer, threatened legal action against House Democrats for attempting to shut down X's operations.

In the email, Finn stated that any attempt to interfere with X's activities would be met with legal action, adding, "We will continue to operate X lawfully and vigorously defend our rights in court."

This email was seen by some as a veiled threat, but it also served as a clear indication of X's determination to continue its operations in the US, despite the political pressure.

However, the rumors were finally confirmed by X CEO Linda Yaccarino, who announced that X's official cryptocurrency, X Money, would be launched later this year and that Visa would be the first official partner.

During a session at the Variety Mobile Video and Digital Content Tour in March, Yaccarino stated that X Money was being developed to empower X's creators and influencers.

She explained that the platform was "focused on creating economic opportunities for everyone," and that X Money was a part of this broader initiative.

The X CEO also mentioned that X was working with several partners, including Visa, to "ensure that X Money could be used seamlessly by users around the world."

Finally, Yaccarino expressed her belief that the launch of X Money would be a "momentous event for the company and for the industry."

This belief was shared by many in the crypto community, who saw the launch of X Money as a natural progression for the platform, given its large user base and active community.

Several rumors had linked the development of X Money to Elon Musk's interest in cryptocurrency and his role in Bitcoin and Dogecoin .

Moreover, the platform had already introduced tipping capabilities using various cryptocurrencies earlier this year.

Overall, the launch of X Money is expected to be a major event in the crypto industry, especially given the involvement of X and Visa.

This move could also put pressure on other social media platforms to introduce their own cryptocurrency offerings in order to compete in the evolving digital landscape.

Elon Musk's X Is Launching Its Own Cryptocurrency

As the rumors had fluttered around wildly, fueled by leaked emails from X's chief legal officer, Alex Finn, threatening legal action against House Democrats for attempting to shut down X's operations and claims that they would continue to operate X lawfully and vigorously defend their rights in the US.

Finally, X CEO Linda Yaccarino confirmed that X's official cryptocurrency, X Money, would be launched later this year and that Visa would be the first official partner.

During a session at the Variety Mobile Video and Digital Content Tour in March, Yaccarino announced that X Money was being developed to empower X's creators and influencers.

She added that the platform