Bitcoin News Today: Lummis Challenges Bitcoin Strategy for Solving $37T Debt Crisis

Senator Cynthia Lummis has dismissed the idea that acquiring more Bitcoin is a feasible solution to the United States’ $37 trillion debt problem. Her comments, made in response to Treasury Secretary Scott Bessent, highlight a growing divide in Washington over how to incorporate cryptocurrency into national financial strategy without increasing fiscal burdens.

Bessent had previously outlined plans for the Strategic Bitcoin Reserve (SBR), a program introduced under President Trump’s March Executive Order. According to Bessent, the reserve would be funded entirely by Bitcoin assets already seized by the federal government, eliminating the need for new purchases that would require taxpayer funds. Speaking on Fox Business, he emphasized the government’s intent to move “into the 21st century” by building a Bitcoin reserve and stopping the sale of such assets [1].

Lummis, however, cautioned against the assumption that simply acquiring more Bitcoin could solve the country’s financial challenges. In a post on X, she stated, “We cannot save our country from $37T debt by purchasing more bitcoin,” and instead proposed an alternative: revaluing the U.S. gold reserves at current market prices and using the increased value to fund the SBR. She called for the passage of the BITCOIN Act to facilitate this approach, emphasizing a budget-neutral strategy [1].

The senator’s comments reflect a broader policy debate in Washington, where lawmakers are grappling with the dual imperatives of economic innovation and fiscal responsibility. While Bessent’s approach aligns with efforts to modernize U.S. financial assets, Lummis’ stance underscores the need for prudence, especially in the context of rising national debt and economic uncertainty.

In a pointed final remark, Lummis stated, “I have a ₿ill for that,” signaling her intention to introduce legislation aimed at reshaping how the U.S. approaches digital assets in the context of its financial obligations. This move suggests a growing influence for congressional voices in shaping the future of the SBR and related initiatives.

At the time of the exchange, Bitcoin’s price had dropped below $120,000, stabilizing around $118,000. The timing of Lummis’ remarks added a layer of urgency to the debate, given the cryptocurrency’s inherent volatility and the challenges it poses for public finance.

As the U.S. continues to explore ways to balance economic innovation with fiscal discipline, the discussion around the Strategic Bitcoin Reserve remains a key focal point for policymakers. The challenge now is to find a path that aligns with both financial stability and the strategic value of emerging digital assets [1].

Source: [1] “Lummis Says $37T U.S. Debt Can't Be Fixed by Buying Bitcoin,” The, https://www.cryptotimes.io/2025/08/15/lummis-says-37t-u-s-debt-cant-be-fixed-by-buying-bitcoin/