Senator Cynthia Lummis used X’s post early in the morning on November 5 (Europe) to endorse the US Strategic Bitcoin Reserve and praise the administration’s stance. “I truly believe that the Bitcoin Strategic Reserve is the only solution to offset our national debt,” she wrote, adding that she “applauds the President of the United States and his administration for embracing SBR, and I look forward to getting it done.”
Where does the Bitcoin Strategic Reserve stand?
In a November 4 segment about “Bloomberg Crypto,” Loomis said Directed How the reserve will be built, and specifically, whether it will come from the sale of US gold. “I haven’t done that,” she said when asked if there was interest in converting gold into Bitcoin. “I think the administration is looking at ideas other than using our gold certificates, marking them on the market, and converting them to Bitcoin. There are other ways to have a strategic reserve of Bitcoin other than converting our gold certificates. Secretary Scott Besent is looking at those matters and so are the people in the White House.”
She framed Bitcoin as a long-term asset: “I’m glad they’re embracing the idea of a strategic reserve of Bitcoin. It’s an asset that will grow over time and help offset the growing growth in our national debt.”
Loomis also provided an update on the status of the cryptocurrency market structure bill, describing the daily work of bipartisan staff aiming to iron out issues before the Senate Banking Committee vote. “Right now, we’re working at the staff level every day (…) These are bipartisan discussions (…) We’re making tremendous progress at that level (…) to make sure (the bill) includes bipartisan changes and is vetted by the industry so they understand what they’re being asked to do from a regulatory standpoint.”
Regarding the Democrats in the Senate, she said: “We have been working with them since July (…) recently, intensively to make sure that they are comfortable with the draft (…) These talks at this stage are very successful. It is slower than we had hoped,” adding that the goal is to avoid renegotiation after the fact.
When asked if President Trump’s “pardon of Binance CEO” affected the momentum, Loomis separated that episode from political action. “Not to my knowledge. 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, Loomis defined the legislative regime as stablecoins first (GENIUS Act), then market structure (CLARITY Package), followed by the Bitcoin Reserve Bill. Her recent comments keep this sequence intact, while noting White House engagement with the reserve concept and ongoing bipartisan negotiations on market structure text.
At press time, Bitcoin was trading at $102,080.
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The post Where Does The US Bitcoin Reserve Stand? Lummis Updates first appeared on Investorempires.com.
