ChainCatcher news, Bitcoin mining company MARA Holdings CEO Fred Thiel stated on the X platform that they are working to bring their strategic Bitcoin reserve plan to all 50 states and the federal government in the United States.

ChainCatcher news, Trump publicly supports the Bitcoin reserve plan, pushing the U.S. government to accumulate Bitcoin as a strategic asset. The plan has received support from political figures including Porter and Lummis, and has sparked bipartisan interest. Trump's endorsement gives political momentum to this previously marginalized concept, marking a watershed moment in the cryptocurrency market.California Democratic Congressman and Wyoming Republican Senator propose to include Bitcoin in the U.S. reserve assets, partially relying on America's gold reserves. However, critics argue that this could reinforce the U.S. financial dominance and pose a challenge to the decentralized nature of Bitcoin. Nevertheless, supporters believe this initiative helps address the debt crisis and promotes global financial innovation.

ChainCatcher news, IMF spokesperson Kozak stated that the use of Bitcoin as legal tender in El Salvador will be voluntary when asked about it. The agreement reached between the IMF and El Salvador aims to mitigate potential Bitcoin risks based on the IMF policy framework. Furthermore, Kozak declined to comment on Trump's U.S. strategic Bitcoin reserve plan, stating that a comprehensive assessment will be conducted when the policy is implemented.

ChainCatcher news, according to Coindesk, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), reiterated in an interview with CNBC that Bitcoin is not a security, and investors can now express their views on Bitcoin through ETF products.Gensler declined to comment on the Bitcoin strategic reserve plan proposed by Trump, citing his responsibilities and the election season as reasons. He insisted that existing laws grant the SEC the authority to regulate the cryptocurrency space, stating that "disliking the rules does not equate to having no rules." Gensler also pointed out that the cryptocurrency industry faces challenges in building trust, as several industry leaders have gone to jail or filed for bankruptcy. He emphasized that without investor protection and trust building, it is difficult for the innovation sector to survive.

ChainCatcher News, U.S. Senator Cynthia Lummis's new strategic Bitcoin reserve plan will provide partial funding for cryptocurrency purchases by revaluing the gold certificates held by the Federal Reserve System.The plan requires setting aside $6 billion from any net profits transferred from the Federal Reserve to the Treasury from fiscal year 2025 to fiscal year 2029, and reducing the discretionary surplus funds of the Federal Reserve Banks from $6.825 billion to $2.4 billion, which is the level currently mandated by the Federal Reserve Act.According to the plan, within six months of the legislation taking effect, the Federal Reserve Banks will submit all outstanding gold certificates to the Secretary of the Treasury. Within 90 days thereafter, the Secretary of the Treasury will issue "new gold certificates reflecting the fair market price of gold" to the Federal Reserve Banks. The Federal Reserve Banks will then transfer the cash value difference between the old certificates and the new certificates to the Secretary of the Treasury.According to the bank's recent balance sheet update, as of July 24, the Federal Reserve Banks hold $11 billion in "gold reserves." This valuation may be based on the official U.S. book value used by the New York Federal Reserve Bank to assess its gold, which is $42.22 per troy ounce.

ChainCatcher news, Senator Lummis announced on Saturday that she will propose a bill for the U.S. Treasury to purchase 1 million bitcoins within 5 years.George Selgin, the honorary director of the Cato Institute's Center for Monetary and Financial Alternatives, stated that the actual plan is completely different from what Lummis presented on the Bitcoin 2024 stage, and the plan is far less ambitious.Although the details of Lummis's plan have not been disclosed, according to George Selgin's conversation with Lummis's office, the legislation only "indirectly" involves the Federal Reserve and has nothing to do with "bank reserves." In fact, the plan is more moderate, as the Federal Reserve will not acquire any bitcoins (although it will participate in the process). Only the Treasury will acquire them.George Selgin's biggest skepticism is why the Treasury should hold any gold or bitcoins in the first place. He suggested that the Treasury sell its gold on hand to directly pay off debt or fund other efforts, rather than holding large amounts of assets.