Lummis Pushes Forward on Bitcoin Reserve Plan as Crypto Bill Nears Committee Stage

Lummis and Gillibrand work to finalize the crypto market structure bill before its upcoming committee vote.

Treasury and White House review Bitcoin Reserve options, focusing on seized assets and budget-neutral funding.

U.S. Bitcoin holdings exceed $34B as policymakers weigh the asset’s long-term role in national financial strategy.

Senator Cynthia Lummis has reaffirmed her commitment to advancing both the U.S. crypto market structure bill and a proposed Strategic Bitcoin Reserve. Speaking in an interview this week, Lummis said the legislation, developed alongside Senator Kirsten Gillibrand, remains the most significant digital asset framework in U.S. history. She emphasized that bipartisan talks continue daily at the staff level to secure enough support before the bill moves to a committee vote.

Lummis said both Republican and Democratic staff members are reviewing the proposal to ensure it reflects changes from both sides. She noted that the draft has undergone extensive vetting by industry participants to help regulators and firms understand compliance requirements once enacted.

Bipartisan Talks Continue

According to Lummis, discussions with Senate Democrats have intensified since July. She said the focus is on ensuring that lawmakers understand the bill’s implications and contribute language reflecting their priorities. The senator added that while progress has been slower than expected, negotiations have been productive.

Unlike past efforts such as the Genius Act, which required post-committee revisions, Lummis and Gillibrand are finalizing all adjustments before the committee vote. The senator described the process as “granular,” stressing that the objective is a balanced framework that addresses both innovation and consumer safeguards.

Parallel to the legislative effort, Lummis confirmed that the administration is also reviewing options for structuring a Strategic Bitcoin Reserve. The plan, which she supports, is under evaluation by the Treasury Department and the White House.

Treasury and White House Explore Reserve Framework

Lummis said officials, including Treasury Secretary Scott Bessent, are studying alternatives beyond revaluing gold certificates to back the reserve. She explained that the government could use Bitcoin already held through forfeitures as the foundation for the reserve.

Treasury data from March indicated that these holdings, sourced from criminal and civil cases, had surpassed $34 billion in value. This makes the U.S. one of the largest sovereign holders of Bitcoin globally. Lummis added that the reserve would operate under a budget-neutral framework, meaning no new taxpayer spending is required.

She also noted that the administration’s approach aligns with Treasury guidance from August, confirming that no direct Bitcoin purchases are planned. Instead, seized digital assets would form the initial base, with potential expansion through non-spending measures.

Policy Momentum Builds Around Bitcoin’s Role

Momentum has been growing since President Trump’s March executive order establishing the reserve concept. The directive set off preparations for a possible accumulation framework within the federal balance sheet.

Galaxy Digital’s head of research, Alex Thorn, recently said the United States could formalize the structure by late 2025. He cited increasing bipartisan recognition of Bitcoin as both a financial and strategic asset.

Supporters within Washington see the reserve as a potential diversification tool, while others are calling for clear custody and transparency rules. As Lummis continues her legislative and policy efforts, both Congress and the administration appear to be advancing toward defining Bitcoin’s long-term role in the national strategy.

The post Lummis Pushes Forward on Bitcoin Reserve Plan as Crypto Bill Nears Committee Stage appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.