Former CEO of Binance says US Strategic Bitcoin Reserve ‘just about confirmed”

Investing.com — The prospect of a U.S. Strategic Bitcoin Reserve seems to be gaining traction, with a nod from Senator Cynthia Lummis and endorsement from Binance founder Changpeng Zhao, generally known as CZ.

On Thursday, it was introduced that Senator Lummis is to chair the Senate Banking Subcommittee on Digital Property.

Lummis tweeted about her dedication to advancing digital asset laws. She emphasised the necessity for Congress to move a bipartisan framework that not solely fosters innovation in digital belongings but additionally strengthens the U.S. greenback with a “strategic bitcoin reserve.”

“Digital belongings are the long run, and if the USA desires to stay a worldwide chief in monetary innovation, Congress must urgently move bipartisan laws establishing a complete authorized framework for digital belongings and that strengthens the U.S. greenback with a strategic bitcoin reserve,” Lummis wrote. 

She described her appointment as a historic alternative to safe the nation’s monetary future beneath President Trump’s administration.

CZ, the founder and former CEO of Binance, amplified the excitement with a quote tweet stating, “US Strategic Bitcoin Reserve, just about confirmed. Crypto shifting at crypto velocity once more.”

Within the announcement of Lummis’s new function, Senate Banking Committee Chair Tim Scott mentioned ‘Blockchain expertise and cryptocurrency have the potential to democratize the monetary world.” he added that “there’s no higher champion for the trade than my good friend Cynthia Lummis,”

“Working with the Trump administration and our colleagues within the Home, we are going to advance a commonsense regulatory framework to facilitate innovation right here in the USA, not abroad,” Scott added.

If pursued, a U.S. Bitcoin reserve may additional validate cryptocurrency’s function in world finance whereas positioning the U.S. as a pacesetter within the digital asset area.