Bitcoin Reserve Is Likely to Come First From States, Senator Lummis Says
Lawmakers in Montana, North Dakota, South Dakota and Wyoming have all voted against establishing state-level crypto reserves in the last few weeks, citing concerns over risk and volatility associated with digital assets.
Photographer: Camilo Freedman/BloombergSenator Cynthia Lummis, the sponsor of a bill calling for the US to set up a Bitcoin reserve, suggested that progress on the proposal is likely to take longer than many crypto advocates would like.
“My bets are that you’ll see a state have a Bitcoin strategic reserve before the federal government,” Lummis said during a conference hosted by crypto personality Anthony Pompliano in New York on Friday. “States are incubators of innovation.” She added that other nations are already taking action: “We’re seeing the United Arab Emirates purchase Bitcoin. You’re going to look at some of the sovereign wealth funds around the world who are not as tied up in a democratic republic like we are, be able to just make it so.”