senatorlummis

Senator Lummis updates on Bitcoin Act progress at Bitcoin 2025. 
President Trump supports the bill for a strategic Bitcoin reserve.Senate Banking Committee passes bill; floor vote pending. U.S. aims to acquire 1 million Bitcoins, like gold reserves.Move critical for U.S. leadership in financial innovation.
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At the Bitcoin 2025 conference on May 27, 2025, Senator Cynthia Lummis provided an update on the Bitcoin Act. She highlighted its progress toward establishing a strategic Bitcoin reserve for the U.S.
Lummis stated that President Trump supports the Bitcoin Act. A team in the White House is working on digital asset issues, including stablecoins, market structure, and the Bitcoin strategic reserve. She emphasized the bill’s importance for America’s financial future.
The Senate Banking Committee has passed the bill. It is close to being ready for a floor vote upon returning from a break. Lummis noted the extensive work with the Minority Party to satisfy their concerns.
She underscored the strategic necessity of the U.S. leading in this area. Other countries are moving toward establishing their own Bitcoin reserves. The Bitcoin Act aims to acquire approximately 1 million Bitcoins, mirroring the size and scope of U.S. gold reserves.
This move is intended to bolster America’s balance sheet and ensure its position as a global leader in financial innovation. Lummis described it as a pivotal moment for the U.S. economy.

Senator Lummis has once again shown her strong support for the crypto industry. Lummis thanked President Trump for his help to ensure America retains its lead in financial innovation.


Senator Lummis Pushes Tax Reform to Protect Players from Double Taxation
In a new series of posts on X, Senator Lummis shared her plans to protect digital asset users from what she calls unfair tax rules. She stressed that the country must keep moving forward as a global leader in crypto.

Her move to protect crypto players follows a recent court ruling refusing to grant the IRS summons to Coinbase’s user data. Senator Lummis revealed she is working on an amendment to the One Big Beautiful Bill (OBBB).
This amendment would allow Americans to use digital assets without the fear of unexpected tax violations. Many in the crypto community see this as a positive step for wider adoption and freedom.
In another post, Senator Lummis highlighted the tax problems faced by crypto miners and stakers. She pointed out that these people are taxed twice. First, they pay taxes when they receive rewards from mining or staking.
Then, they pay again when they sell those assets. Lummis called this system unfair and harmful to innovation. She argued that these double taxes make it harder for the US to stay ahead in the digital currency space.
Lummis Gains Support in Bid to Make US the Global Crypto Powerhouse
By removing this burden, Senator Lummis believes America can become the top Bitcoin and crypto superpower in the world. This idea matches her long-standing push for clear and fair crypto rules.
Senator Lummis has been one of the most outspoken crypto supporters in Congress. She often talks about the importance of Bitcoin and digital assets in interviews and public speeches.
Her proposal could make it easier for more people to get involved in crypto without fearing heavy tax bills. Supporters say this would encourage innovation and make the US more attractive for blockchain startups.
Senator Lummis also believes that clear tax guidance can help reduce confusion and prevent players in the industry from being punished unfairly. Michael Saylor, a well-known Bitcoin supporter, also reacted to Senator Lummis’s posts.
In his X post, Saylor backed her call to end unfair taxes, saying it is necessary if America wants to lead as a Bitcoin superpower. His support adds weight to the growing push for change.
Earlier this month, Senator Lummis wanted Congress to amend crypto tax regulations. She argued that Bitcoin and other cryptocurrencies are unfairly targeted.

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