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To fund the purchase, the government would revalue about $11 billion worth of gold certificates on the Federal Reserve’s balance sheets. Lummis said establishing a bitcoin reserve could help the ...
But policymakers could boost confidence in the dollar even further by pairing a strategic bitcoin reserve with a robust strategy to champion US dollar-based stablecoins—digital assets backed 1 ...
U.S. Sen. Cynthia Lummis, R-Wyoming, has already introduced the Bitcoin Act of 2024 that would make the strategic Bitcoin reserve a reality. ... The exchange-traded fund genie is now out of the ...
Lummis owned at least $230,000 worth of Bitcoin in 2021. [150] In October 2021, CNBC reported that she had violated the Stop Trading on Congressional Knowledge (STOCK) Act of 2012 , a federal transparency and conflict-of-interest law, by failing to disclose within 45 days a purchase of Bitcoin she made in August 2021 worth between $50,001 and ...
Under Sen. Lummis' proposal, the US would convert gold certificates held by the Federal Reserve to today's fair market value before selling them and using the proceeds to buy bitcoin.
Crypto advocates have posted a draft executive order online that would establish a “Strategic Bitcoin Reserve” as a “permanent national asset” to be administered by the Treasury Department through its Exchange Stabilization Fund. The draft order calls for the Treasury Department to eventually hold at least $21 billion in bitcoin.
WASHINGTON (Reuters) -Bitcoin hit a record high above $107,000 on Monday after President-elect Donald Trump reiterated plans to create a U.S. bitcoin strategic reserve, stoking the enthusiasm of ...
Sen. Cynthia Lummis (R–Wyo.) has introduced a bill to make that strategic reserve real, working toward government ownership and stewardship of a million bitcoin—nearly 5 percent of the total ...