Title: U.S. Senate Sees Crypto-Friendly Shift with Republican Majority
by aria-crypto.com
November 6, 2024 at 20:34
Title: U.S. Senate Sees Crypto-Friendly Shift with Republican Majority
In the aftermath of the 2024 elections, Wyoming Senator Cynthia Lummis announced plans to advance the establishment of a strategic Bitcoin reserve in the United States. Following the elections, where Republicans gained control, Lummis emphasized her commitment to her July-proposed Bitcoin Act, which recommends the U.S. government purchase and securely hold one million Bitcoins. This initiative aligns with former presidential candidate Donald Trump's suggestion to retain any seized Bitcoin, rather than selling it. The election results led to significant Republican victories, securing a majority in the Senate and foreseeably amplifying support for Lummis' crypto-focused endeavors. Additionally, the GOP's strong pro-crypto stance in their campaigns seemed to resonate positively within the crypto community and markets, as Bitcoin's value soared to over $76,000. Amidst these political shifts, prominent figures such as Y Combinator co-founder Paul Graham critiqued Democrats for their handling of crypto policies, suggesting it contributed to their electoral losses.
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