Trump Plans to Revive Bitcoin Reserve Legislation in New Congressional Term
In July, President-elect Donald Trump proposed the creation of a strategic bitcoin reserve during his speech at the Bitcoin 2024 Conference in Nashville. He stated that the U.S. government would keep all bitcoin acquired through law enforcement actions.
Senator Cynthia Lummis introduced the Bitcoin Reserve Bill shortly after Trump's announcement, aiming to secure co-sponsors for its revival in the new congressional term. Key points include:
- The bill aims to establish a U.S. bitcoin reserve
- Trump's commitment to maintaining a stockpile of bitcoin is highlighted as a significant promise
- Uncertainty exists regarding the political support needed for the bill to progress
- Focus on legislation related to market structure and stablecoins is more prevalent among lawmakers
- The auctioning of $6.5 billion worth of bitcoin by the DOJ may indicate the government's stance on holding bitcoin
As the Senate faces a busy agenda with confirmation hearings and other legislative priorities, the future of the Bitcoin Reserve Bill remains uncertain. The potential sale of government-held bitcoin will serve as a test for the viability of the proposed reserve.