- Donald Trump and Sen. Cynthia Lummis propose a U.S. Bitcoin reserve at the Bitcoin Nashville conference with the bill already out.
- This marks the first major U.S. election where cryptocurrency has received significant attention from lawmakers and presidential candidates.
- Sen. Tim Scott’s introduction to the crypto community signals broader Republican interest in engaging with cryptocurrency regulation and legislation.
Over the weekend, former U.S. President and current Republican nominee Donald Trump and a number of lawmakers spoke at the Bitcoin Nashville conference. The biggest piece of news everyone has been talking about was Trump and Sen. Cynthia Lummis’ proposals to create a strategic reserve for Bitcoin, but the event also served as Sen. Tim Scott’s entry into actual crypto discussion.
Lawmakers and Donald Trump, who of course is hoping to regain the presidency this November took the stage through the Bitcoin Nashville conference last week to try and appeal to BTC holders for votes or funds.
U.S Elections and Crypto
This is the first major U.S. election where crypto is getting attention from lawmakers and candidates. While it’s still not totally clear whether there truly is a significant mass of single-issue crypto voters, what is clear is lawmakers are going to continue to appeal to this crowd over the next few months.
Former President Donald Trump spoke, saying if he’s elected he’ll work to appoint friendlier regulators, but his biggest promise may be his suggestion that the U.S. would create a strategic bitcoin stockpile, a promise echoed by Sen. Cynthia Lummis (R-Wyo.) who introduced a bill this week that would support that goal.
The proposals – both from Trump and Lummis – still leave some questions unanswered at the moment, but in a broader sense, they’re more just messages to the Bitcoin community at the moment, that if Trump becomes president again (and/or if Republicans become the majority party in the Senate), he’ll be friendlier toward the industry than in his first term.
The Bill Already With Us Here
Following her announcement of a historic proposal to supercharge the U.S. dollar and pay down the national debt by establishing a strategic Bitcoin reserve, today U.S. Senator Cynthia Lummis introduced a strategic bill legislation that will act as a guide.
The creation of Bitcoin as a reserve has seen many reactions across the crypto community with many people expecting a possible quantum computer arms race in the crypto market.
The Nashville event also served as Sen. Tim Scott’s first substantial introduction to the crypto community. The Senate Banking Committee’s top Republican, Scott, another former contender for the presidency will become the committee’s chair if the GOP retakes the Senate, putting him in charge of legislation that could affect the Securities and Exchange Commission and crypto regulation more broadly. He did not introduce any specific policy ideas during his remarks on stage.
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