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US Senator Cynthia Lummis is preparing to announce she’s drafting a bill that would classify Bitcoin as a reserve asset, Fox Business reported on July 24.

The Republican senator from Wyoming has been working on legislation that would require the Federal Reserve to purchase and hold BTC as a reserve asset, just as the central bank holds gold and foreign currencies, to help manage the country’s monetary system and stabilize the value of the dollar, the report said, citing sources close to the matter.

Lummis reportedly plans to announce the proposed act during the upcoming Bitcoin Conference in Nashville, Tennessee, ahead of Donald Trump’s anticipated speech, with hopes of getting an endorsement from then crypto skeptic and former US president.

The lawmaker has also reportedly pitched the bill to some of her colleagues on the Senate Banking Committee to get them on board as co-sponsors.

Lummis has been known in the crypto space as a pro-Bitcoin legislator. In March, she was reportedly crafting a bill for stablecoins alongside Senator Kirsten Gillibrand, with technical assistance from The New York Department of Financial Services, the Federal Reserve, the Treasury Department, and the National Economic Council.

The duo of Lummis and Gillibrand also reintroduced a bill to create a crypto regulatory framework in July last year.

Lummis is also known for amassing significant amounts of Bitcoin, buying BTC in batches of $50,000 and $100,000 in 2021.

However, she’s against central bank digital currencies (CBDCs), arguing they are “anti-democratic and a means of financial censorship.”

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