In what is certainly an important step in the ongoing process, US Senator Cynthia Lummis and Donald Trump’s incoming Treasury Secretary Scott Bessent have met to discuss the United States’ potential strategic Bitcoin reserve. In a post to X (formerly Twitter), Lummis confirmed the meeting with the key member of the US president-elect’s impending administration.
Lummis called Bessent a “champion for digital assets and a crucial ally in passing my strategic Bitcoin Reserve.” Moreover, she shared her excitement about working with the official in the future as the incoming president and his team work to “restore fiscal responsibility.”
JUST IN: 🇺🇸 Senator Cynthia Lummis meets with Trump’s incoming Treasury Secretary Scott Bessent to discuss a Strategic #Bitcoin Reserve. pic.twitter.com/S1o8ElV7DW
— Watcher.Guru (@WatcherGuru) December 13, 2024
Bitcoin Act Architect Meets With Trump Treasury Secretary to Discuss Bitcoin Reserve Plan
In his campaign for reelection this year, Donald Trump proved to be the first true pro-crypto presidential candidate. He had continually embraced the asset class on the campaign trail. Moreover, he called on the United States to eventually become the crypto capital of the world. When he emerged victorious, the crypto market responded with elation. Just a month after the race was called, Bitcoin reached a six-figure price for the first time in history.
Now, it’s time for the incoming administration to make good on their promises. They seem to be doing that now, as US Senator Cynthia Lummis has announced her meeting with Trump Treasury Secretary Scott Bessent to discuss her Strategic Bitcoin Reserve plan.
Earlier this year, Lummis debuted the Bitcoin Act of 2024. The legislation proposes the country create a reserve of the leading crypto. Its presence would strengthen the US dollar and ensure it remains a global cryptocurrency powerhouse. With Trump returning to the White House, there is immense optimism that the bill will make it through. IT would have to pass in both Senate and House before reaching the Oval Office.
The bill will ultimately propose the US purchase of 1 million BTC by 2030. Moreover, the asset would be held for at least 20 years. Along the way, it would be subjected to independent proof-of-reserve audits to ensure transparency.
Shortly after Trump’s election win, Lummis shared her confidence in the legislation passing. Indeed, she went as far as to predict that a Bitcoin reserve could be passed in Trump’s first 100 days back in office.
