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This is a segment from the Forward Guidance newsletter. To read full editions, <\/em>subscribe<\/em><\/a>.<\/em><\/p>\n The US senator pushing for a national strategic bitcoin reserve just got a promotion.\u00a0<\/p>\n Cynthia Lummis, a Wyoming Republican who has long championed<\/a> the crypto industry, will lead the new digital asset subcommittee under the Senate Banking Committee.\u00a0<\/p>\n Lummis debuted the text<\/a> for the Bitcoin Reserve Bill last summer at the Bitcoin 2024 Conference in Nashville<\/a>. She introduced the bill late last Congress but has not yet unveiled an updated text this session.\u00a0<\/p>\n The original bill sought to have the US government acquire a total of 1 million BTC<\/a> \u2014 around 5% of the total supply. The bill permits sales of the asset for only one purpose: paying off the national deficit.\u00a0<\/p>\n \u201cWe will be debt free because of bitcoin,\u201d Lummis said in Nashville.\u00a0<\/p>\n Now, with her own subcommittee and Senate Banking Chair Tim Scott\u2019s ear, movement on the reserve could come a lot faster. Speculation that President Trump may create the stockpile<\/a> via an executive order seems to have dissipated in recent weeks.\u00a0<\/p>\n But, it\u2019s very possible we see some sort of presidential action from Trump directing the DOJ to refrain from auctioning seized bitcoin.\u00a0<\/p>\n In any case, Lummis seems committed to getting the reserve off the ground in Congress, saying<\/a> on Thursday that lawmakers \u201cneed to urgently pass bipartisan legislation.\u201d\u00a0<\/p>\n We\u2019ll be curious to see what the subcommittee selects as its first hearing topic.<\/p>\n Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter<\/a>.<\/strong><\/p>\n Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter<\/a>.<\/strong><\/p>\n Get alpha directly in your inbox with the 0xResearch newsletter<\/a> \u2014 market highlights, charts, degen trade ideas, governance updates, and more.<\/strong><\/p>\n
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