Senator Lummis Reintroduces The Bitcoin Act To Fuel US BTC Reserve
United States Senator Cynthia Lummis has reintroduced The Bitcoin Act, which proposes the government include the asset in its national reserves. This comes after President Trumps executive order creating a Strategic Bitcoin Reserve last week. In recent months, the United States has set the pace for pro-Bitcoin policies in line with Trumps vision.
Bitcoin Act Is Back
In a recent X post, Sen Lummis announced the landmark legislation to codify President Trumps vision for the industry. The Presidents executive order was met with enthusiasm from the market as it opened up a new chapter for Bitcoin. However, it leaned towards seized crypto assets. The Bitcoin Act focuses more on large-scale adoption to increase present holdings.
Per the bill, the country will acquire one million BTC over five years as part of its reserve to help fund debt payments. New assets will be added using Federal Remittances, Gold Certificate Revaluations, and the Exchange Stabilization Fund without taxpayer money.
The bill proposes that the Secretary establish a decentralized network to secure holdings across the country to minimize the risk of simultaneous compromise.
By transforming the Presidents visionary executive action into enduring law, we can ensure that our nation will harness the full potential of digital innovation to address our national debt while maintaining our competitive edge in the global economy. Together, we are just not adapting to the future, we are actively shaping it, writing the next chapter in Americas proud history of financial innovation
The bill was introduced in July 2024 but failed to get bipartisan support. The previous administration was seen as opposed to the crypto industry. Last month, she teased the reintroduction of the bill when she announced her role in Bitcoin For America, slated for March 11.
Pro-Bitcoin Lawmakers Support The Bill
Multiple industry leads also support the bill, as policy watchers highlight its role in global adoption. Congressman Nick Begich explained that a Strategic Bitcoin Reserve ensures the countrys dominance in finance and strengthens economic innovation.
Bitcoin enthusiasts also expressed optimism following the announcement amid a downturn in crypto prices. This year, market analysts projected the reserve to have a massive impact on Bitcoin price and positive crypto regulations. At the time of writing, BTC price stands at $85,029, a 4.4% uptick in the past 24 hours.
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Text source: ZyCrypto
