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 the hope that Trump will sign the bill. The details of the legislation are still unclear, but the goal is to order the Fed to buy and hold bitcoin, similar to how it manages gold and foreign currencies to stabilize the US dollar. Lummis is said to be seeking co-sponsors for the bill among her colleagues on the Senate Banking Committee.
If successful, this move could be transformative, potentially bringing stability to the US dollar and signaling government approval of Bitcoin. However, critics 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 surrounding such a bill will likely depend on its reception in Congress and the White House after the November election.
Lummis hinted at a big announcement via her social media, and while the details remain unconfirmed, the proposal is seen as a bold step towards integrating Bitcoin into mainstream financial systems. The potential legislation reflects a growing adoption of cryptocurrency, highlighted by endorsements from key figures such as 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 will depend on the political climate and support from Congress, but its introduction could significantly affect the crypto market and US financial policy.
Trump to host high-end fundraiser
President Donald Trump is set to stage a major fundraiser at the upcoming Bitcoin 2024 conference in Nashville. The event, scheduled for July 27, 2024, will coincide with Trump’s keynote address at the conference.
The fundraiser boasts a tiered pricing structure with the most exclusive tickets going for a steep $844,600 per person. This top-level 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 for $60,000 per person or $100,000 per couple.
Trump’s involvement in the Bitcoin 2024 conference marks his recent shift to a pro-crypto stance, a notable change from his previous skepticism toward cryptocurrencies during his presidency. His campaign has embraced digital currency donations, reflecting his newfound support for the crypto industry. This shift aligns with his broader pledge to reduce regulatory pressure on the sector, a stance that contrasts sharply with the current administration’s tougher regulatory approach.
In recent months, Trump has actively positioned himself as a pro-crypto presidential candidate, even launching a non-swampable token collection on the Solana blockchain in April. He pledged to defend the rights of individuals who choose to hold their coins themselves, avoiding dependence on centralized entities like Coinbase. This pro-crypto positioning 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 promote a more favorable environment for the crypto industry in the United States. After a meeting with Bitcoin mining executives, Trump stated that all future Bitcoin mining must take place domestically if he is re-elected.
The fundraiser and Trump’s participation in the Bitcoin 2024 conference highlight his strategic pivot to embrace the crypto community as an important source of support and funding for his presidential campaign.
Kamala Harris declined conference invitation
Conference organizers invited Democratic 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 rebound, with entrepreneur Mark Cuban noting that Harris’ campaign has shown interest in crypto.
While it’s too early to determine Harris’ stance on crypto, her new role signals 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 Harris is unlikely to immediately pivot the campaign to focus on crypto.
A congressional staffer suggested that Harris’ campaign offers a chance to mend relations with the industry, and there are indications that her campaign may be more receptive to these issues. Harris’ California background may make her more familiar with technology and related matters.
Industry groups and individuals have already reached out to Harris’ campaign and the Democratic Party, pleading for less hostility toward the crypto sector and encouraging open dialogue to support and nurture digital asset technology while ensuring consumer protection and financial stability.
Nashville Bitcoin 2024: The Details
Speakers and Highlights: The conference boasts a high-profile line-up of speakers, including former US President Donald Trump, political activist Robert F. Kennedy Jr., celebrity 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 arranged to accommodate different levels of access and experience. General admission tickets cost $699, which provides basic entry to the event. For those seeking a more exclusive experience, the Whale Pass is available for $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 variety of topics relevant to the Bitcoin ecosystem. Participants can expect sessions on finance, mining, art, culture and open source development. The event aims to promote 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 great place for networking. Attendees will have the opportunity to connect with industry leaders, innovators and fellow Bitcoin enthusiasts. The conference will also feature several 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 vibrant 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 great lineup of speakers, a comprehensive agenda, and ample opportunities for networking and learning, this conference will 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 out the Brave New Coin events page.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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