Investing.com -- Senator Cynthia Lummis, who has proposed a bill for the U.S. to establish a Bitcoin reserve, has indicated that the progress on this proposal might take more time than many cryptocurrency supporters anticipate., according to Bloomberg News.
During a conference in New York, hosted by cryptocurrency figure Anthony Pompliano on Friday, Lummis stated that it’s more likely for a state to create a Bitcoin strategic reserve before the federal government. She highlighted that states are the birthplace of innovation and mentioned that other countries have already started taking steps in this direction.
Lummis pointed out that the United Arab Emirates has already started buying Bitcoin. She also noted that various sovereign wealth funds across the globe, which are not as entangled in a democratic republic like the U.S., are able to proceed more quickly.
The idea of a national strategic Bitcoin stockpile was first introduced by President Donald Trump and Senator Lummis, a Republican from Wyoming, at an industry conference in Nashville in July. In January, Trump signed an executive order on cryptocurrencies. This order called for a study on the feasibility of creating a digital asset stockpile, rather than declaring Bitcoin as the central point of a national reserve.
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