(Bloomberg) – Sen. Cynthia Lumith, sponsor of a bill calling for the US to establish a Bitcoin Reserve, suggested that progress on the proposal is likely to be longer than many crypto advocates would like.
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“My bet is to see the state has a strategic reserve for Bitcoin before the federal government,” Ramis said at a meeting hosted by New York crypto personality Anthony Pipriano on Friday. “The state is an incubator of innovation,” she added that other countries are already taking action. “We’re seeing the UAE buying bitcoin and we’re going to see some of the sovereign funds around the world that aren’t as bound by the Democratic Republic like us.
Wyoming Republicans President Donald Trump and Ramis first introduced the ideas of a national strategic Bitcoin stockpile at an industry conference held in Nashville in July. In January, Trump signed the much-anticipated executive order on cryptocurrency. This called for the study of the possibility of creating digital asset stockpiles rather than declaring Bitcoin as a focus on the national reserve.
“But some of these things can start without statutory permission,” Ramis said. “So I want to see what the White House is thinking about it and reinforce it.”
The four state government has pushed for some form of digital assets earlier this year, but the Crypto Reserve bill for the four states failed last month.
Read: Bitcoin Reserve Invoices Fail Fail in the State Fast and Consecutively
Lawmakers from Montana, North Dakota, South Dakota and Wyoming have voted against establishing state-level crypto sanctuaries in the past few weeks, citing concerns about risks and volatility associated with digital assets. Database Bitcoin laws show that strategic cryptographic preparation bills have been introduced in 24 states so far.
Ramis’ homeland measures failed in the House of Representatives in early February to allow investment in Bitcoin, with only one representative vote in support of the bill.
The Senate bill from Ramis calls for the US to acquire 1 million bitcoins, but Trump’s first proposal called for the government to maintain ownership of around 200,000 tokens it already owns after an asset attack.
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