Where Does The US Bitcoin Reserve Stand? Lummis Updates

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Senator Cynthia Lummis used an early-morning X post on Nov. 5 (Europe) to endorse a US Strategic Bitcoin Reserve and to praise the administration’s stance. “I truly believe the Strategic Bitcoin Reserve is the only solution to offset our national debt,” she wrote, adding that she “applaud[s] @POTUS and his administration for embracing the SBR, and I look forward to getting it done.”

Where Does The Strategic Bitcoin Reserve Stand?

In a Nov. 4 segment on “Bloomberg Crypto,” Lummis addressed how the reserve would be built and, specifically, whether it would come from selling US gold. “I have not,” she said when asked if there was traction on converting gold into bitcoin. “I think the administration is looking at ideas other than using our gold certificates, marking them to market, and converting them to bitcoin. There are other ways to have a strategic bitcoin reserve other than converting our gold certificates. Secretary Scott Bessent is looking at those matters as well as the folks at the White House.”

She framed bitcoin as a long-term asset: “I’m glad they are embracing the notion of a bitcoin strategic reserve. It is an asset that will grow over time and help offset the burgeoning growth in our national debt.”

Lummis also gave a status update on the crypto market-structure bill, describing day-to-day, bipartisan staff work aimed at clearing issues before a Senate Banking Committee vote. “Right now, we are working at the staff levels every single day […] These are bipartisan discussions […] We are making tremendous progress at that level […] making sure that [the bill] incorporates both-party changes and has been vetted by industry so they will understand what they are being asked to do from a regulatory point of view.”

On Senate Democrats, she said, “We have been working with them since July […] Lately, intensely to make sure they are comfortable with the draft […] These conversations at this point are very successful. They are slower than we hoped,” adding that the goal is to avoid after-the-fact renegotiations.

Asked whether “President Trump’s pardon of the Binance CEO” affected momentum, Lummis separated that episode from policy work. “Not to my knowledge. Market structure is very different from that issue […] We are trying to stay focused on market structure moving forward rather than looking in the rearview mirror.”

Previously, Lummis has outlined the legislative order as stablecoins first (GENIUS Act), then market structure (the CLARITY package), followed by the Bitcoin Reserve bill. Her latest comments keep that sequence intact while signaling White House engagement on the reserve concept and ongoing bipartisan negotiations on the market-structure text.

At press time, Bitcoin traded at $102,080.

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