States will probably accept Bitcoin (BTC) reserves before the US Federal Government, Senator Cynthia Lummis reportedly said on February 28 at the Bitcoin Investor Week conference in Up-to-date York.
“I bet you will see that the state has a Bitcoin strategic reserve before the federal government,” said Lummis, According to to the Bloomberg report.
In July 2024, Lummis, a republican Wyoming, legislation This would require the US Federal Government to create domestic Bitcoin stocks.
Her account, called the Bitcoins Act, calls on the US Department of the Treasury to gradually accumulate 1 million BTC, ultimately acquiring “total share of about 5% of total Bitcoin delivery, reflecting the size and scope of gold reserves organized by the United States”, according to Lummis.
Lummis proposed the Bitcoin Act in July 2024. Source: Cynthia Lummis
Related: Michigan becomes the latest state to propose an invoice for a cryptographic reserve
Progress towards the Bitcoin reserve
In January, US President Donald Trump signed an executive ordinance obliging federal officials to examine the feasibility of domestic Bitcoin stocks. It was one of the first activities of the second presidential term of Trump, which began on January 20.
In February, Trump signed another order, instructed by the US government to create a sovereign property fund, which can potentially serve as a tool for buying BTC.
“We see how the United Arab Emirates buy Bitcoin. You will look at some of the sovereign wealth funds around the world that are not as related to the Democratic Republic as we will simply do it, “said Lummis.
There are currently 18 US states that have bills for cryptocurrency reserve in anticipation of the Senate’s voices, while two – Arizona and Utah – are in the final stage of the approval process.
State bills for cryptographic investments were rejected in Montana, Wyoming, North Dakota, Southern Dakota and Pennsylvania.
Although some states led by Democrats may resist the Trump’s cryptocurrency attitude, others are expected that others are recognized as a bilateral issue.
“[T]Here are so many states that are pro-Crypto, and do not necessarily follow the blue or red politician, “said during the Ethdenver panel on February 28.
The establishment of the Bitcoin strategic reserve in the United States would accelerate the adoption of Bitcoins, even over 2024, the Trust Fund (ETF), said in January Coinshares cryptocurrency researcher.
“We believe that the adoption of the Bitcoin Act in the United States would have a deeper long -term impact on bitcoins than launching ETF,” said Coinshares.
Introduced in January 2024, ETF from Bitcoin based in the USA maintains BTC worth $ 100 billion.
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