CYNTHIA LUMMIS, U.S. SENATE

Watch the full session in this link → [URL]
(01:45:00–01:46:30)

Lummis laid out a sequencing plan: asset‑forfeiture BTC first, then revalued gold certificates to market. “We think we have about 200,000 Bitcoin in asset forfeitures… we can get 5% of the world’s Bitcoin without borrowing a single dime.” Her pitch reframed the reserve as balance‑sheet optimization, not deficit spending, with a not‑so‑subtle call to agencies to un‑classify counts and controls on seized coins.


■ 200k BTC in federal asset‑forfeiture accounts (classified count)
■ Years 2–5: revalue 1974‑era gold certificates ($36–$45) to >$3k/oz, swap into BTC
■ Reserve framed as using “underperforming” assets, not new borrowing
■ Calls for classified briefing on seized‑BTC accounting/custody

✅ @DARecaps: High
If executed, this could introduce federal accounting for BTC holdings, fair‑value measurement, impairment/valuation controls, and specialized custody attestations. Controllers in crypto‑native firms might face new disclosure baselines (e.g., reserve methodology, key management) and audit procedures referencing federal practice. Revaluation flows and swaps may require new guidance on gains/losses presentation and cross‑asset conversions; coordination with OMB/GAO/IRS could reshape industry treatment by analogy. (Policy details remain fluid and may change.)