Bitcoin advocate and Republican Senator from Wyoming, Cynthia Lummis, recently met with the Trump administration’s newly nominated SEC Chair, Paul Atkins. The objective of the meeting was reportedly to discuss crypto law reforms.
In a post on X, Lummis shared details of her meeting with Atkins. She shared that purpose of the meeting was “to discuss digital asset legislation and rule reforms”, even hinting at potential changes in the future. She even joked about putting the SEC on an “Atkins diet.”
I enjoyed meeting with Paul Atkins, the @SECGov Chair nominee. We discussed digital asset legislation & reforming the rulemaking process. Thanks for stopping by, and I look forward to putting the SEC on the “Atkins diet!” pic.twitter.com/WBUAxnOMNl
— Senator Cynthia Lummis (@SenLummis) January 7, 2025
Senator Lummis’ Bitcoin Reserve Plans
Lummis has consistently been a staunch advocate for setting up a Bitcoin Strategic Reserve to offset the U.S.’s $36 trillion debt. After Federal Reserve Chair Jerome Powell stated that the Fed does not have the authority to own Bitcoin, Lummis commented, “I want to give Jerome Powell the ability to own Bitcoin,” once again emphasizing the need for the federal government to embrace a strategic Bitcoin reserve.
Her Bitcoin Reserve plan includes purchasing 1 million Bitcoins over five years using U.S. Treasury funds and keeping them in cold storage for 20 years, at which point the reserve would significantly reduce the current U.S. debt.
On August 1, 2024, Senator Lummis formally proposed the Bitcoin Strategic Reserve Act, directing the U.S. government to establish a reserve fund for Bitcoin.
Looking ahead to mid-2025, Lummis has announced plans to explore lessons from El Salvador’s experience with Bitcoin and perhaps open a gateway for federal support for Bitcoin adoption in the United States.
