- Wyoming Senator Cynthia Lummis and incoming Treasury Secretary Scott Bessent recently met to discuss the prospect of a Bitcoin strategic reserve in the US.
Wyoming Senator Cynthia Lummis confirmed that she recently met with incoming US Treasury (UST) Secretary Scott Bessent. According to the politician’s post on Saturday, the two discussed the potential of a strategic Bitcoin (BTC) reserve in the country.
Lummis called the former hedge fund manager and crypto advocate a vital ally in her bid to pass a law establishing the prime digital asset as a US treasury reserve. She also expressed confidence that President Donald Trump’s nominee for Treasury secretary would help restore fiscal responsibility in the government.
“Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve,” posted Lummis. “I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility!”
Strategic Bitcoin Reserve
Lummis’ Bitcoin Act of 2024 seeks the creation of a strategic reserve based on BTC. The senator believes it would be the key to strengthening the value of the US dollar against inflation while ensuring its status as a global crypto powerhouse. In addition, the proposed law would ensure the “transparent management” of the digital asset by the federal government.
“Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation,” said Lummis on her official webpage. “This is our Louisiana Purchase moment that will help us reach the next financial frontier.”
Bessent’s Agenda
Bessent notably has no prior experience in the government. However, the former George Soros protege has successfully made a name for himself in his own hedge fund since 2016.
The former hedge fund manager was further caught in the limelight due to his presence in Trump’s rallies during the last campaign campaign cycle for the US presidency. The crypto community immediately warmed up to the prospect of Bessent leading one of the most influential positions in the government due to his pro-crypto stance. His past interviews solidified his standing as an advocate of these virtual assets.
“Crypto is about freedom and the crypto economy is here to stay,” Bessent said in a Fox Business interview in July.
Furthermore, Trump touted him as the “most pro-crypto” Treasury secretary in history. Given these, big players in the crypto industry, like Ripple CEO Brad Garlinghouse, unequivocally endorsed Bessent’s bid for the position.
