Lummis Pushes for Bitcoin Reserve After Republican Victory

After the Republican Party gained control of the US Senate, Wyoming Senator Cynthia Lummis reaffirmed her plan to create a “strategic Bitcoin reserve.” In a post on November 6, she shared that she’s moving forward with a bill that would have the US government buy one million Bitcoin—about 5% of the total supply—and hold it for 20 years.

Now that Republicans are expected to take charge of the Senate in 2025, Lummis is optimistic that her bill will have the votes it needs to pass. This idea originally came from Donald Trump, who suggested that the government should keep any Bitcoin it seizes instead of selling it.

Lummis has been a strong supporter of cryptocurrency since joining Congress in 2021. Even though she wasn’t up for re-election this year, she’s continued advocating for pro-crypto policies as Republicans, including Trump, run on crypto-friendly platforms. The election results also sparked a jump in Bitcoin’s price, surpassing $76,000, partly because many crypto advocates see this as a positive shift for the industry.

Crypto-Friendly Candidates See Success

As Republicans take the lead in the 2024 election, crypto-friendly candidates are seeing success. Some believe that the Democrats’ anti-crypto stance hurt their chances, pointing to the loss of Democratic Senator Sherrod Brown, a well-known crypto critic, to Republican Bernie Moreno.