Cynthia Lummis, a Republican senator from Wyoming who supports cryptocurrency, is planning to announce draft legislation on Bitcoin as a strategic reserve at the Bitcoin Conference, according to three crypto industry executives familiar with the bill.
While the specific content of the bill is unclear, according to a person who has seen a preliminary draft, the bill aims to instruct the Federal Reserve to buy Bitcoin and hold it as a reserve asset, just as the U.S. central bank holds gold and foreign currencies, to help manage the U.S. monetary system and keep the value of the dollar stable.
As of press time, Lummis' plans remain undetermined and the announcement may be delayed. But people who have had direct contact with some of Lummis' staff said she hopes to announce her bill at the meeting on Saturday, and her staff hopes Trump will support the bill and the ideas behind it. (FOX)