Senator Cynthia Lummis of Wyoming, commonly known as the "Bitcoin Senator," has predicted that 2025 will be a pivotal year for Bit and cryptocurrencies. According to her, this will be a time when proposed policies, along with changes in key positions within government agencies, could create a significant turning point, driving the development and shaping the future of this industry.
"With the involvement of David Sacks, this will be the most pro-digital asset administration to date. I look forward to working closely with Sacks to pass comprehensive digital asset legislation and my strategic Bit reserve plan," Lummis wrote on X.
Earlier this month, President-elect Donald Trump appointed the renowned venture capitalist David Sacks, dubbed the "Crypto Czar," to lead strategic initiatives related to cryptocurrency policy and artificial intelligence in the coming year.
Trump has strongly committed to protecting the interests of the domestic cryptocurrency mining industry, promoting strict but supportive regulations, and making the United States the "cryptocurrency capital" of the world.
Regarding regulations, Sacks will "build a legal framework that gives the crypto industry the clarity they've been calling for and allows them to thrive in the U.S.," Trump said on 6/12.
Lummis' unwavering confidence is fueled by significant changes in the government's leadership, including the appointment of a new Chair of the U.S. Securities and Exchange Commission (SEC), as former President Trump prepares to return to the White House for a second term.
The focus of the Senator's vision is the Advancing Innovation, Technology, and Competitiveness through Optimized National Investments Act, also known as the "Bit Act."
The proposed bill calls for the establishment of a Strategic Bit Reserve Fund, described as "a network of secure storage, acquisition programs, and other initiatives to ensure transparent management of the federal government's Bit holdings."
This initiative aims to accumulate 1 million Bit — equivalent to 5% of the total supply — within 5 years. The reserve fund will be built by reallocating existing assets of the Federal Reserve, such as bonds and gold, rather than creating additional debt.
"This Bit Act will mark a pivotal moment for our country. By establishing a strategic Bit reserve fund, we will own an asset with the potential to halve the national debt by 2045," Lummis emphasized.
The bill also mandates a 20-year holding period for this asset, focusing on a long-term commitment to Bit.
According to Arkham Intelligence, the U.S. government currently holds a significant amount of Bit, estimated at $21 billion, primarily seized from criminal cases. If passed, the Bit Act could integrate this existing holding into the strategic reserve fund.
The federal-level effort reflects trends in individual states. Ohio Representative Derek Merrin has introduced a bill allowing the state treasury to invest public funds in Bit.
Meanwhile, a bill in Pennsylvania, proposed by Representative Mike Cabell, aims to allocate up to 10% of the state treasury's reserves to Bit as an inflation hedge.
Texas has also proposed funding a reserve fund through donations and allowing Bit payments for taxes and fees.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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