Senator Cynthia Lummis Proposes Bill for US Bitcoin Reserves

A forthcoming bill from Senator Cynthia Lummis aims to enable the United States to establish a reserve of the leading cryptocurrency, Bitcoin. This was reported by The Block, citing a draft document.

According to the preliminary version, the initiative is titled the “Act to Stimulate Innovation, Technology, and Competitiveness through Streamlined Investments Nationwide 2024,” or simply the “Bitcoin Act of 2024.”

“As a decentralized and scarce digital asset, Bitcoin possesses unique properties that complement existing national reserves, thereby strengthening the position of the US dollar in the global financial system,” the bill states.

The adoption of the provisions will ensure the creation of a “purchase program” for the leading cryptocurrency, allowing the acquisition of no more than 200,000 BTC per year over a five-year period — enabling the United States to accumulate a total of 1 million coins.

Lummis also urged the Treasury Department to publish quarterly reports on digital asset purchases and post them on its website. Storing Bitcoin involves adhering to certain requirements, including security protocols.

The United States is the largest state holder of the leading cryptocurrency. According to Arkham Intelligence, the government wallet holds 213,239 BTC valued at $13.7 billion.

Journalists first learned about the plans to create a Bitcoin reserve in the US about a week ago. Lummis announced the bill at the Bitcoin 2024 conference.

Earlier, presidential candidate Donald Trump, during a speech at an event, promised to establish a strategic Bitcoin reserve and dismiss SEC Chairman Gary Gensler if elected.