US Congressman Cynthia may announce Bitcoin strategic reserve legislation at the Bitcoin Conference

BlockBeats news, July 25, three crypto industry executives familiar with the bill said that Republican Senator Cynthia Lummis of Wyoming, who supports cryptocurrency, is planning to announce Bitcoin strategic reserve legislation at the Bitcoin Conference.

While the specific content of the bill is still unclear, according to a person who has seen the first draft, the purpose of the bill is to instruct the Federal Reserve to purchase Bitcoin and hold it as a reserve asset, just as the U.S. central bank holds gold and foreign currencies, to help manage the U.S. monetary system and keep the value of the dollar stable.

As of press time, Lummis's plan remains undetermined and the announcement may be delayed. But people who have had direct contact with some of Lummis's staff said she hopes to announce her bill at a meeting on Saturday, and her staff hopes that Trump will support the bill and the ideas behind it.

Lummis has been hinting at a major announcement on her X account this week, she wrote: "Something big is going to happen this week, stay tuned."