Wyoming Senator Cynthia Lummis announced a proposal to enhance the U.S. dollar by creating a strategic Bitcoin reserve. This initiative aims to strengthen the dollar against inflation and solidify U.S. leadership in the global financial system.

The proposal involves establishing secure Bitcoin vaults managed by the Treasury, acquiring approximately 5% of the Bitcoin supply over time, and using diversified funds from existing Federal Reserve and Treasury resources. The reserve would focus on long-term holdings, only allowing Bitcoin to be used to reduce the national debt and protect individual Bitcoin holders' financial rights. The proposal is expected to be introduced soon with additional sponsors, according to a press release on Senator Lummis's Senate.gov webpage.

"Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation," said Lummis. "Families across Wyoming and the U.S. are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future."

Lummis was sworn into the U.S. Senate on January 3, 2021, as the first female Senator from Wyoming. Previously, she served in the U.S. House of Representatives from 2008 to 2016, where she was a founding member of the House Freedom Caucus and worked on fiscal issues and Western policies. Before Congress, Lummis held various roles in Wyoming’s state government and legal sector. She has a background in ranching and holds multiple degrees from the University of Wyoming, according to her Senate.gov webpage.