{"id":610,"date":"2024-10-03T02:46:42","date_gmt":"2024-10-03T02:46:42","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=610"},"modified":"2024-10-03T02:46:42","modified_gmt":"2024-10-03T02:46:42","slug":"us-bitcoin-reserve-legislation-gains-bipartisan-support-with-democrats-endorsement","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=610","title":{"rendered":"US Bitcoin Reserve Legislation Gains Bipartisan Support With Democrat\u2019s Endorsement"},"content":{"rendered":"
\n

According to a recent Forbes report<\/a>, US lawmakers from both sides of the political spectrum are rallying around a proposal to create a strategic Bitcoin (BTC) reserve for the US, following Senator Cynthia Lummis\u2019 speech at the 2024 Bitcoin Conference in Nashville.\u00a0<\/p>\n

The pro-crypto Senator unveiled the new legislation<\/a> to use existing federal funds to purchase one million BTC, positioning the United States as the largest nation-state holder of the cryptocurrency.\u00a0<\/p>\n

Bitcoin As Federal Reserve Asset<\/h2>\n

On the same day Lummis introduced her legislation, former President Donald Trump outlined his own vision<\/a> for a \u201cnational Bitcoin stockpile,\u201d committing to never sell the roughly 200,000 Bitcoin currently held by the US government. Trump characterized BTC as akin to the steel industry of a century ago, asserting his intent to make the US the \u201ccrypto capital of the planet.\u201d<\/p>\n

Former presidential candidate Robert F. Kennedy Jr. also contributed to the discussion, proposing a more ambitious plan to acquire five million BTC\u2014approximately a quarter of the global supply<\/a>.\u00a0<\/p>\n

Interestingly, support for a strategic Bitcoin reserve is increasingly crossing party lines. Representative Ro Khanna, a Democrat from California, has publicly endorsed the idea, emphasizing the need for the Federal Reserve (Fed) to consider Bitcoin as a reserve asset<\/a>.\u00a0<\/p>\n

\u201cWe want to make sure that we have the openness to having Bitcoin as part of the Federal Reserve,\u201d Khanna stated in a recent podcast, highlighting BTC\u2019s potential for appreciation and its role in establishing financial standards.<\/p>\n

Democratic Push For Digital Assets<\/h2>\n

The Bitcoin currently held by the US government primarily comes from confiscations related to illicit activities. Traditionally, the government would liquidate these assets, but Khanna argues that this BTC should be retained as a strategic reserve, allowing the US to benefit from its value over time.<\/p>\n

Khanna also played a pivotal role in urging the Democratic National Committee to revise its stance on digital assets<\/a>. In a letter to party leaders, he called for a \u201ccrypto reset,\u201d advocating for the inclusion of pro-digital asset language in the party platform and greater engagement with industry experts.<\/p>\n

Dennis Porter, CEO of the non-profit Satoshi Action Fund, suggested that supporting initiatives such as a strategic Bitcoin reserve could help Democrats connect with a growing demographic of BTC voters. He believes that as the cryptocurrency <\/a>matures, the political partisanship surrounding it will diminish.\u00a0<\/p>\n

Khanna echoed this sentiment, asserting that opposing BTC is akin to rejecting technological advancements. \u201cYou can\u2019t be against Bitcoin or crypto; it\u2019s just a technology,\u201d he remarked, reinforcing the notion that embracing digital assets could align with broader party goals, including financial equity and sustainable energy policies.<\/p>\n

Lummis, who champions the bipartisan potential of Bitcoin, urged both Republicans and Democrats to support her bill. \u201cAlthough the Republican National Committee and President Trump have come out strong in support of Bitcoin, I would expect my colleagues across the aisle to join us,\u201d she stated, indicating that the 2024 election cycle may be a pivotal moment for cryptocurrency policy<\/a>.<\/p>\n

\"Bitcoin\"<\/p>\n

At the time of writing, BTC is trading at $60,333, down nearly 4% over the past seven days.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

According to a recent Forbes report, US lawmakers from both sides of the political spectrum are rallying around a proposal to create a strategic Bitcoin (BTC) reserve for the US, following Senator Cynthia Lummis\u2019 speech at the 2024 Bitcoin Conference in Nashville.\u00a0 The pro-crypto Senator unveiled the new legislation to use existing federal funds to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-610","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=610"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/610\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}