Senator Cynthia Lummis of Wyoming plans to introduce legislation to position Bitcoin alongside traditional reserves like gold in the US.
This move could mark a significant shift in Bitcoin's status as a financial asset.
Speculation is high as Senator Lummis is expected to announce this initiative at the annual Bitcoin Conference in Nashville from July 25-27.
The bill proposes that the Federal Reserve acquire and hold Bitcoin as a strategic reserve asset.
The specifics of the proposed legislation are not fully disclosed. Insiders suggest the bill aims to institutionalize Bitcoin within the US monetary system, much like traditional reserve assets that stabilize the US dollar.
The integration of Bitcoin as a reserve asset could signify broader acceptance and recognition of cryptocurrency.
Analysts and lawmakers view this as a potential milestone in crypto evolution, despite regulatory challenges under the current administration.
If President Trump backs the proposed legislation, it could be a significant moment for Bitcoin's legitimacy. The report indicates that Trump has received advice on the issue and may announce a similar approach.
This comes after successful ETF approvals in January.
Supporters argue that accepting Bitcoin as a reserve asset would not only stabilize the US dollar but also highlight the Federal Reserve's commitment to innovation.
This contrasts with recent experiences under President Biden's administration. Sam Lyman of Riot Platforms commented:
"Classifying Bitcoin as a strategic reserve asset could trigger a 'Bitcoin Space Race.' If the US begins accumulating Bitcoin, other countries might follow suit."
Bitcoin is currently trading between $65,900 and $68,000. Over the past 24 hours, it has registered slight gains of 0.4%. However, trading volume has decreased by 18%, amounting to $26 billion, according to CoinGecko.
The daily chart shows BTC’s sideways price action. Source:BTCUSDT on TradingView.com
An Australian fintech company, Block Earner, has launched the country’s first mortgage that accepts Bitcoin as loan security. This became possible after a court ruled the product doesn't need a financial licence, letting people use crypto to buy homes without selling it.
AnaisChatGPT said: Shinhan Bank has added cryptocurrency tracking and educational tools to its SOL app, becoming the first South Korean bank to offer such services. The move signals growing acceptance of crypto in traditional banking, with plans to expand into crypto purchases and wallet management soon.
WeatherlyThailand is testing a crypto sandbox to let tourists change digital assets into Thai baht for local spending. Approved exchanges will handle the conversions, with spending limits and ID checks to meet national rules.
WeatherlyGameStop has bought over $500 million worth of Bitcoin as a hedge against inflation and may allow crypto payments for trading cards. The company says it will take a careful approach to crypto, using its strong finances to explore new opportunities without rushing in.
AnaisStandard Chartered has started offering bitcoin and ether spot trading directly to institutional clients through its UK branch. This makes it the first major global bank to provide regulated crypto trading using existing foreign exchange systems.
WeatherlyCoinbase’s stock hit a record high as Bitcoin surged, pushing its market value above $100 billion. The jump was driven by growing investor confidence, political support for crypto, and strong earnings from stablecoin services.
AnaisBank of America has launched a new research series called On Chain to explore blockchain, stablecoins, and tokenised assets. The bank sees Ethereum and companies like Stripe as key to the future of digital finance and payment systems.
WeatherlyA man jailed for a major crypto theft has had his prison sentence raised to 12 years after refusing to return any of the stolen funds. The judge criticised him for living in luxury without paying back the $20 million he owes.
WeatherlySaruTobi, a mobile game, has returned to the iOS App Store with built-in Bitcoin payments using the Lightning Network. Players can now spend and earn small amounts of Bitcoin directly in the game without needing an external wallet.
JoyNew Zealand has banned all crypto ATMs and set a $5,000 limit on international cash transfers to fight money laundering and organised crime. Over 220 machines were shut down, with the government saying they were being used to quickly move criminal funds overseas.
WeatherlyAn elaborate online scam impersonated a reporter from a well-known media outlet to conduct a fraudulent interview, tricking the victim into clicking on deceptive links that stole sensitive data and compromised his account.
JoyWilliams Racing, the British Formula 1 (F1) team, has unveiled their NFT-adorned car, showcasing non-fungible tokens (NFTs) on the rear wing. This initiative is part of their ongoing partnership with crypto exchange Kraken, which opened up a unique opportunity for NFT holders.
AaronRyder, a cryptocurrency startup, has secured $1.2 million in funding to introduce a novel approach to safeguarding digital assets by eliminating the need for cumbersome seed phrases.
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