The state of Wyoming is introducing new legislation to allow permanent funds to diversify into Bitcoin, paving the way toward a Bitcoin Reserve. According to WY senator Cynthia Lummis, the proposal will “benefit our state as we lead the nation in financial innovation!”
JUST IN: 🇺🇸 Wyoming introduces legislation to allow permanent funds to diversify into Bitcoin, Senator Cynthia Lummis says.
— Watcher.Guru (@WatcherGuru) January 17, 2025
Recently, Senator Lummis and Donald Trump’s incoming Treasury Secretary Scott Bessent met to discuss the United States’ potential strategic Bitcoin reserve. Senator Lummis has been a strong advocate for establishing a Bitcoin reserve in the United States. She and other US senators introduced the bill to the senate last year, saying that Bitcoin as a reserve asset could rescue the US economy.
Lummis’ draft for the Bitcoin Act of 2024 proposes the country create a reserve of the leading crypto. Its presence would strengthen the US dollar and ensure it remains a global cryptocurrency powerhouse. It must pass in both Senate and House before reaching the Oval Office. In a time when the debt in the US is at its highest, Wyoming’s senator sees the country’s Bitcoin holdings as a way out.
In his campaign for reelection this year, Donald Trump proved to be the first true pro-crypto presidential candidate. He had continually embraced the asset class on the campaign trail. Moreover, he called on the United States to eventually become the crypto capital of the world. When he emerged victorious, the crypto market responded with elation. Just a month after the race was called, Bitcoin reached a six-figure price for the first time in history.
A part of Trump’s campaign involved supporting this Bitcoin reserve, something no other US president has done before. Therefore, there is immense optimism that the bill will make it through. Furthermore, other state representatives are also jumping on the Bitcoin hype train. Recently, Oklahoma and California began working on pro-Bitcoin legislation, with the latter officially introducing the Strategic Bitcoin Reserve Act. Oklahoma State Representative Cody Maynard officially announced the introduction of the state’s ‘Strategic Bitcoin Reserve Act this past Wednesday.
The more US states that propose this type of pro-Bitcoin legislation, the stronger the cryptocurrency’s chances are of becoming a national reserve currency.
