Senator Lummis Unveils New Bitcoin Act: US Reserve Could Hold Over 1 Million Bitcoins!

New bitcoin Initiative

US Senator Cynthia Lummis has reintroduced the BITCOIN Act, aiming to establish a strategic reserve for Bitcoin. This legislation allows the government to possibly acquire over 1 million Bitcoin, enhancing its financial strategy and addressing national debt.

The act proposes that the US government purchase 200,000 Bitcoin annually for five years, funded by reallocating existing resources within the Federal Reserve and Treasury. Additionally, it opens avenues for acquiring Bitcoin through lawful means like forfeitures or gifts.

Key Features of the BITCOIN Act

• Acquisition Strategy: The bill outlines a plan for purchasing 1 million BTC over five years.
• New Co-Sponsors: Several Republican senators have joined Lummis in supporting this initiative.
• Evaluation Process: A formal process is established to assess forked and airdropped assets in the reserve.

Senator Lummis emphasizes that this act will secure America’s financial future while promoting innovation. The bill also includes provisions regarding how forked assets are managed after their mandatory holding period.

Future Implications

The BITCOIN Act represents a meaningful step towards integrating digital currencies into national finance strategies. By leveraging innovative approaches to asset management, it aims to bolster economic security and maintain competitive advantages globally.

Lummis’s efforts align with recent executive actions aimed at creating a “Strategic Bitcoin Reserve,” wich will utilize forfeited cryptocurrencies without selling them off instantly.

Final Thoughts

This legislative move could reshape how digital currencies are perceived within governmental frameworks while addressing pressing economic challenges like national debt.

reference

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• Cointelegraph – Senator Lummis Introduces BITCOIN Strategic Reserve Bill
• Cointelegraph – Trump Signs Executive Order on Strategic Bitcoin reserve