30s Summary

Senator Cynthia Lummis from Wyoming reaffirmed her goal of setting up a Bitcoin reserve for the US after the recent elections. This aligns with the Bitcoin Act she proposed in July, suggesting the government buy 1 million Bitcoins and keep for 20 years. Given the Republican’s gain in the Senate, the party might have the majority necessary to pass the bill. Since her term started in 2021, Lummis has been a vocal advocate for crypto, with other Republicans including Trump aligning with the pro-crypto stance during campaigns. Following the election, Bitcoin prices rose as Republicans stand to amplify their influence over Senate and Congress.

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After the recent election, Senator Cynthia Lummis from Wyoming affirmed that she’s still keen on setting up a Bitcoin reserve for the United States, once Republicans get a potential majority control of the Senate in 2025. On November 6, Lummis confirmed her intentions to push through with her plans for a Bitcoin reserve. This past July saw the outspoken Wyoming Republican propose the Bitcoin Act – this suggested the US government should buy a million Bitcoins, about 5% of its total supply, and keep it for a minimum of 20 years.

With the prediction of Republicans dominating the US Senate after winning three seats in the recent election, Lummis and her fellow Republicans might well have the majority of votes needed to make this happen. Her proposed bill is in line with what Donald Trump suggested during his presidential bid – the government keeping hold of any Bitcoin it seizes rather than selling it off.

Since starting her term in 2021, Lummis has been one of the strongest advocates for crypto in Congress. Even though she wasn’t up for re-election this past November 5, she continued to favor digital asset policies, with Republicans, including Trump, promoting pro-crypto platforms during the 2024 campaign.

As many major news outlets reported that Trump and the Republicans were most likely to take the presidency, with majority control of the Senate and even possibly the House of Representatives, Bitcoin’s price shot up to over $76,000. The Democrats will still control the Senate until January 3, with President Joe Biden in office until inauguration day on Jan. 20.

Although it wasn’t clear who would have majority control of the House at the time of publication, some industry leaders think the Democrats’ poor performance might be due to their stance on crypto. Democratic Senator Sherrod Brown, a known anti-crypto voice in Congress, lost his seat to Republican Bernie Moreno. Y Combinator co-founder Paul Graham noted that the Democrats “antagonizing the entire crypto community” was a massive error in a Nov. 6 post about the election results. He added that the Democrats didn’t need to do this; they weren’t trying to gain favor with some other group.