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Senator Cynthia Lummis (R-Wyo.) officially introduced legislation to establish a U.S. strategic Bitcoin (CRYPTO: BTC) reserve, aiming to enhance the U.S. dollar’s strength and address the national debt.
What Happened: Sharing details of the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act, or simply the BITCOIN Act, Lummis wrote on X, "The wait is over. This is our Louisiana Purchase moment."
The proposed law includes creating a strategic reserve in Bitcoin to support America’s balance sheet, establishing secure Bitcoin vaults managed by the Department of Treasury, and implementing a $1 million purchase program to acquire 5% of the total supply of the apex cryptocurrency over a 5-year period.
The bill outlines a minimum holding period of 20 years, and no Bitcoins held in the reserve should be sold or auctioned.
The funding for Bitcoin purchases will be through diversifying existing Federal Reserve and Treasury funds.
"Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation," Lummis stated.
Why It Matters: Lummis' official proposal comes days after she verbally advocated for a similar policy at the recent Bitcoin 2024 conference.
Republican presidential nominee Donald Trump was the biggest draw at the event, as he advocated for a national Bitcoin stockpile and vowed to make the U.S. the "crypto capital of the planet."
The former president raised $25 million by participating in the conference, making it his second-highest fundraiser across his three presidential campaigns.
Nobel laureate and renowned economist Paul Krugman blasted the Republican Party’s push for a strategic Bitcoin reserve, calling it a “government bailout of a scandal-ridden, value and environment-destroying industry.”
Price Action: At the time of writing, Bitcoin is exchanging hands at $64,583.30, down 2.66% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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Posted In: $BTC
