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President Donald Trump’s proposal to create a U.S. strategic bitcoin reserve has sparked debate among lawmakers, with some crypto-friendly members of Congress expressing support while others question its feasibility.
Skeptics include Wyoming Republican Senator Cynthia Lummis, a fervent Bitcoin advocate who acknowledged that congressional support for such a venture is lacking.
Speaking at Bitcoin Investor Day in New York, Lummis acknowledged that there is resistance to the idea even within the Republican Party. He said the government is not yet ready for such an initiative, citing House Banking Committee Chairman Tim Scott, who has suggested delaying any move towards a bitcoin reserve.