Republican Senator Cynthia Lummis is reportedly working on legislation that could dramatically change the crypto landscape by establishing Bitcoin as a mainstream financial asset. According to three crypto executives familiar with the bill, Lummis plans to announce legislation at the annual Bitcoin Conference that would require the Federal Reserve to hold some Bitcoin as a strategic reserve asset.
This announcement may come just before Trump’s scheduled speech, with hopes that Trump will endorse the bill. The specifics of the legislation are still unclear, but the goal is to direct the Fed to buy and hold bitcoin similarly to how it manages gold and foreign currencies to stabilize the U.S. dollar. Lummis is said to be seeking co-sponsors for the bill among her Senate Banking Committee colleagues.
If successful, this move could be transformative, potentially bringing stability to the U.S. dollar and signaling government endorsement of Bitcoin. Critics, however, argue that adding Bitcoin to the Fed’s reserves could undermine the value of gold and complicate economic stability due to Bitcoin’s volatility. The debate around such a bill would likely hinge on its reception in Congress and the White House following the November elections.
Lummis has hinted at a major announcement via her social media, and while the specifics remain unconfirmed, the proposal is seen as a bold step towards integrating Bitcoin into mainstream financial systems. The potential legislation reflects a growing acceptance of cryptocurrency, highlighted by endorsements from key figures like BlackRock’s Larry Fink and Trump himself, who has recently expressed concern about other countries taking the lead in digital assets.
The outcome of Lummis’ proposed bill would depend on the political climate and support from Congress, but its introduction could significantly influence the crypto market and U.S. financial policy.
Trump to Host High-End Fundraiser
President Donald Trump is set to headline a high-stakes fundraiser at the upcoming Bitcoin 2024 Conference in Nashville. The event, scheduled for July 27, 2024, will coincide with Trump’s keynote speech at the conference.
The fundraiser boasts a tiered pricing structure with the most exclusive tickets priced at a steep $844,600 per person. This top-tier ticket includes a seat at a private roundtable with Trump and a photo opportunity. For those looking for a more affordable option, a photo with the former president is available at $60,000 per person or $100,000 per couple.
Trump’s involvement in the Bitcoin 2024 Conference signals his recent shift towards a pro-crypto stance, a notable change from his previous skepticism towards cryptocurrencies during his presidency. His campaign has embraced digital currency donations, reflecting his new-found support for the crypto industry. This shift aligns with his broader promise to reduce regulatory pressures on the sector, a stance that contrasts sharply with the current administration’s more stringent regulatory approach.
In recent months, Trump has actively positioned himself as a pro-crypto presidential candidate, even launching a non-fungible token collection on the Solana blockchain in April. He has pledged to defend the rights of individuals who choose to self-custody their coins, avoiding reliance on centralized entities like Coinbase. This pro-crypto positioning has earned him endorsements and significant donations from prominent figures in the crypto community, including the Winklevoss twins, who each donated $1 million worth of Bitcoin to his campaign.
Trump’s campaign strategy also includes a commitment to fostering a more favorable environment for the crypto industry in the United States. Following a meeting with Bitcoin mining executives, Trump declared that all future Bitcoin mining should take place domestically if he is re-elected.
The fundraiser and Trump’s participation in the Bitcoin 2024 Conference underscore his strategic pivot towards embracing the crypto community as a vital source of support and funding for his presidential campaign.
Kamala Harris Declined Conference Invite
Conference organizers invited Democrat nominee Kamala Harris to speak at the conference, but after discussions, Harris declined.
For the crypto industry, the key question is how Harris will differ from Biden and how she will contrast with former President Donald Trump. Harris has only been the presumptive nominee for a short time, and her campaign has just begun. There is potential for a reset, with entrepreneur Mark Cuban noting Harris’s campaign has shown interest in crypto.
While it’s too early to determine Harris’s stance on crypto, her new role suggests a potential shift in how the crypto industry engages with the 2024 election. Sheila Warren, CEO of the Crypto Council for Innovation, indicated that the change presents an opportunity for a new approach, although it’s unlikely Harris will immediately pivot the campaign to focus on crypto.
A Congressional staffer suggested that Harris’s campaign offers a chance to reset relations with the industry, and there are indications that her campaign may be more receptive to these issues. Harris’s background from California might make her more familiar with technology and related matters.
Industry groups and individuals have already reached out to Harris’s campaign and the Democratic Party, advocating for less hostility towards the crypto sector and encouraging open dialogue to support and nurture digital asset technologies while ensuring consumer protection and financial stability.
Nashville Bitcoin 2024: The Details
Speakers and Highlights: The conference boasts a high-profile lineup of speakers, including former U.S. President Donald Trump, political activist Robert F. Kennedy Jr., renowned investor Cathie Wood, MicroStrategy CEO Michael Saylor, comedian and actor Russell Brand, whistleblower Edward Snowden, and businessman Vivek Ramaswamy.
Ticket Prices: The pricing structure for the conference is tiered to accommodate different levels of access and experience. General admission tickets are priced at $699, offering basic access to the event. For those seeking a more exclusive experience, the Whale Pass is available at $21,000, which includes premium benefits such as exclusive networking opportunities, VIP seating, and access to special events and parties.
Event Features: The conference will cover a wide range of topics pertinent to the Bitcoin ecosystem. Attendees can expect sessions on finance, mining, art, culture, and open-source development. The event aims to foster a deeper understanding of Bitcoin’s potential and its evolving role in the global economy.
Networking and Community: With over 20,000 attendees and 400 sponsors expected, the Bitcoin 2024 conference will be a prime venue for networking. Attendees will have the opportunity to connect with industry leaders, innovators, and fellow Bitcoin enthusiasts. The conference will also feature various side events, including workshops, panels, and social gatherings, designed to enhance the overall experience and facilitate meaningful connections.
Location: The Music City Center, located in the heart of Nashville, offers a spacious and modern venue for the conference. Nashville itself is known for its vibrant music scene, cultural heritage, and lively atmosphere, making it an attractive destination for attendees.
Bitcoin 2024 in Nashville promises to be an essential event for anyone interested in the future of Bitcoin. With a stellar lineup of speakers, a comprehensive agenda, and ample opportunities for networking and learning, this conference is set to be a landmark event in the Bitcoin calendar.
For more information and to purchase tickets, visit the official Bitcoin 2024 conference website. For details on all major crypto events, check the Brave New Coin events page.
