Senator Lummis pushes forward crypto plans after Trump victory: Law Decoded

California revokes BlockFi’s license amid bankruptcy, Caroline Ellison is sentenced, Crypto.com faces scrutiny in Poland, and Senator Cynthia Lummis supports Trump’s Bitcoin reserve proposal.

United States Senator Cynthia Lummis expressed support for President-elect Donald Trump’s proposal for a Bitcoin reserve after Trump won the 2024 US presidential elections on Nov. 5. 

Lummis, a Wyoming Republican and strong crypto advocate, highlighted her intention to pursue the legislation in the Senate, suggesting that the US acquire 1 million BTC — about 5% of its supply — and hold it for at least 20 years. 

This initiative builds on Trump’s idea that the government should hold, rather than liquidate, its seized Bitcoin assets. The proposal comes as Republicans prepare for Senate majority control​.

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