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US Senator Proposes Giving Federal Reserve Faculties to Own Bitcoin
U.S. Senator Cynthia Lummis recently reinforced the intention of extending faculties to the Federal Reserve to purchase and own bitcoin as part of its reserve assets. Lummis stated that the U.S. debt can be repaid through a bitcoin strategic bitcoin reserve, as proposed in her BITCOIN Act.
US Senator Cynthia Lummis Proposes Allowing the Federal Reserve to Hold Bitcoin
Cynthia Lummis, U.S. Senator for Wyoming, has recently referred to the possibility of turning bitcoin into a reserve asset and how it could be done including the Federal Reserve in the process.
In a recent interview with Yahoo Finance, Lummis stated that she wanted to give the Fed the faculty to purchase and own BTC as part of a greater strategic bitcoin reserve plan to tackle the national debt problem.
She stated:
Lummis’ remarks come after Federal Reserve Chair Jerome Powell indicated that the reserve was not allowed to own bitcoin by the Federal Reserve Act mandate. Powell stressed that for this to happen this law would have to be changed by Congress, but that the Fed was not pursuing such a change.
Read more: Fed Rules out BTC Reserves: ‘We’re Not Allowed to Own Bitcoin’
Furthermore, Lummis stressed that the bitcoin owned by the U.S., estimated at roughly 200,000 BTC, was part of the asset forfeiture fund and should be scooped to integrate a hypothetical bitcoin reserve.
Lummis has presented the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, proposing to purchase 1 million bitcoin to create a strategic bitcoin reserve using gold certificates held by the Federal Reserve. The bitcoin purchased would be held for at least 20 years, letting these digital assets accrue value through time.
This bitcoin stash would be used to liquidate the U.S. debt, which recently surpassed $36 trillion. Lummis’ proposal resonates with what Microstrategy’s co-founder and executive chairman Michael Saylor proposed, calling the U.S. government to dump its gold reserves to secure at least 20% of the bitcoin market cap.
Read more: US National Debt Reaches $36 Trillion: What It Means for Bitcoin
Read more: Michael Saylor Outlines US’s Ultimate Bitcoin Reserve Strategy: Dump Gold, Buy Bitcoin