Senator Cynthia Lummis took to XPost (Europe) early on November 5th to support the US Strategic Bitcoin Reserve and praise the administration’s stance. “I truly believe that the Strategic Bitcoin Reserve is the only solution to offsetting the national debt,” she wrote, adding, “I applaud the President and his administration for embracing the SBR and look forward to seeing it become a reality.”
Where is the strategic Bitcoin reserve?
In the Nov. 4 Bloomberg Crypto segment, Lummis addressed how the reserves will be built, specifically whether it will come from the sale of U.S. gold. When asked if she has any impetus to convert gold to Bitcoin, she said, “I don’t have one.” “I think the administration is considering ideas other than using our gold certificates, marking them on the market, and converting them to Bitcoin. There are other ways to strategically prepare for Bitcoin besides converting our gold certificates. Secretary Scott Bessent is considering those issues, as are people in the White House.”
Positioning Bitcoin as a long-term asset, she said, “I’m glad they’ve embraced the concept of a Bitcoin Strategic Reserve. This is an asset that grows over time and helps offset the surge in national debt.”
Mr. Lummis also provided an update on the Cryptocurrency Market Structure Act and described the daily work of his bipartisan staff aimed at resolving the issue before a vote in the Senate Banking Committee. “We are now working every day at staff level (…) These are bipartisan discussions (…) We are making great progress at that level (…) Making sure that (the bill) incorporates changes from both parties and is vetted by industry so industry understands what is required from a regulatory perspective.”
Regarding Senate Democrats, she said, “We’ve been working with them since July (…) We’ve been working hard lately to make sure they’re happy with the draft (…) These conversations so far have been very successful. They’re slower than we would have liked,” she said, adding that the goal is to avoid renegotiations after the fact.
When asked if “President Trump’s pardon of the Binance CEO” had an impact on momentum, Lummis separated the episode from policy work. “Not as far as I know. The market structure is very different from that issue (…) We are trying to stay focused on the market structure going forward rather than looking in the rearview mirror.”
Previously, Lummis outlined the legislative order, starting with stablecoins (the GENIUS Act), followed by market structure (the CLARITY package), and then the Bitcoin Reserve Act. Her latest comments, in keeping with that sequence, suggest White House commitment on a reserve fund initiative and bipartisan negotiations on a market structure document are underway.
At the time of writing, Bitcoin was trading at $102,080.
Featured image created with DALL.E, chart on TradingView.com
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