Senator Lummis to announce major development regarding Bitcoin strategic reserve at 10am

Key Takeaways

Senator Lummis is advocating for a strategic US Bitcoin reserve strategy to address inflation concerns.
The BITCOIN Act proposes that the US Treasury receive 1 million Bitcoins over five years with a 20-year holding period.

Senator Cynthia Lummis is scheduled to make a major announcement today at 10 a.m., which could reveal an important development in her ongoing bid for a strategic US Bitcoin reserve.

₿ig things are coming👀

— Senator Cynthia Lummis (@SenLummis) January 23, 2025

Lummis posted on X, “Big things are coming,” with the stylized “B” to represent the Bitcoin symbol, referring to an update regarding Bitcoin and the strategic Bitcoin reserve she has been holding. claiming This was followed by a second post saying, “Stay tuned for 10am”

Fox Business reporter Eleanor Terrett confirmed in a mail on X that the Senate Banking Committee is scheduled to vote at 10 a.m. on Sen. Lummis' possible chairmanship of the digital assets subcommittee.

Senator Lummis' announcement on X may be primarily focused on the vote rather than the Bitcoin upgrade.

However, speculation remains as to whether the election of Lummis as chairman could ultimately coincide with an announcement about the development of the US Bitcoin strategic reserve.

Wyoming Republicans introduced the Promotion of Innovation, Technology, and Competitiveness through Optimized Nationwide Investment (BITCOIN) Act in July 2024.

The legislation proposes that the US Department of Finance receive up to 1 million Bitcoins over five years, with a mandatory minimum holding period of 20 years, aimed at addressing inflationary concerns and strengthening the dollar.

While the BITCOIN Act has received a mixed congressional response, Lummis plans to reintroduce the bill in January 2025, taking advantage of the support of the newly elected crypto-friendly administration.

A December 2024 meeting between Lummis and Treasury Secretary nominee Scott Bessent, who has expressed support for digital assets, particularly Bitcoin, has fueled speculation about possible updates to the BITCOIN Act or new ventures involving US financial strategy.

The Bitcoin reserve strategy is recommended by supporters, who suggest that it could strengthen the US dollar by establishing Bitcoin as a complementary asset.

A story in development