Senator Cynthia Lummis Says Donald Trump is Building a Bitcoin Army
Notable Bitcoin advocate and US Republican Senator Cynthia Lummis believes President-elect Donald Trump is building a Bitcoin army.Trump has maintained his pro-crypto stance since he emerged as the US President. Interestingly, his unwavering support for developing technological innovation has been evident in his post-election activities.Notably, these activities have caught the attention of fellow staunch Bitcoin advocate Senator Cynthia Lummis, who has lauded the president's efforts. In this latest news about bitcoin, in a tweet today citing an appearance at FOX Business, the senator noted that Trump is building an army to fight for Bitcoin.
President Trump is assembling an army to fight for bitcoin. pic.twitter.com/gPAReUHS4V
Senator Cynthia Lummis (@SenLummis) November 27, 2024Lummis Cites Trump's Pro-Crypto CabinetThe Republican senator drew her assertions from Trump's choice of cabinet members. Lummis mentioned that the 47th US president is assembling a pro-crypto cabinet that understands Bitcoin and digital assets to play a crucial role in his administration.In truth, Trump has filled his cabinet with pro-crypto candidates. The president appointed Elon Musk to head the newly formed Department of Government Efficiency (D.O.G.E.), Robert F. Kennedy as Secretary of Health and Human Services (HHS), and most recently, Howard Lutnick as Commerce Secretary.Meanwhile, Trump has also assured the crypto community of a new SEC chair who supports digital assets. Notable individuals, like Robinhood CLO Dan Gallagher, who has disclosed he is not interested in the role, and Teresa Goody Guillen are all top candidates to replace Gary Gensler.US Bitcoin Reserve Makes A Lot of Sense, ex-CFTC SaysNotably, Lummis's comments came when asked about the United States' plans to create a Bitcoin Treasury reserve. The stockpile speculation has continued to draw attention, with ex-Commodity Futures Trading Commission (CFTC) boss Chris Giancarlo being the latest to throw in his thoughts.In an interview with Fox Business, Giancarlo insisted that the US Bitcoin stockpile makes a lot of sense. He argued it is a "forward-looking idea," as countries have been stockpiling commodities since the beginning of time.Giancarlo noted that the US stockpiled oil, gold, and other commodities. As a result, stacking Bitcoin, the world's first digital commodity, was crucial to tapping into the potential of blockchain technology.Text source: The Crypto Basic
