Senator Lummis Reintroduces Bitcoin Bill
On March 11, Senator Cynthia Lummis announced via X (formerly Twitter) her intention to reintroduce the Bitcoin bill in the US Congress. Titled “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act,” the legislation aims to facilitate the establishment of a Strategic Bitcoin Reserve, aligning with a decision by former President Donald Trump.
“Bitcoin is not simply a technological opportunity, but a national imperative for America’s continued financial leadership in the 21st century,” stated Senator Lummis, a Republican representing Wyoming.
Last week, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve, initially funded by Bitcoin assets forfeited by federal agencies during criminal or civil proceedings. The government also plans to acquire additional Bitcoin in the future.
Once enacted, Senator Lummis’s Bitcoin bill will codify the aforementioned Executive Order. Moreover, it includes a Bitcoin Purchase order that would mandate the US government to acquire up to 1 million Bitcoin over five years, representing approximately 5% of the total Bitcoin supply. The Strategic Bitcoin Reserve, as outlined in the bill, is envisioned to mirror the size and scope of gold reserves held by the US.
The bill also directs the Department of Treasury to manage the reserve through a decentralized network of secure Bitcoin vaults. Furthermore, the bill advocates for self-custody rights for private Bitcoin holders, asserting that these rights should not be infringed upon by the strategic Bitcoin reserve.
The bill was previously introduced in July 2024 but failed to pass due to insufficient support. To remain active, the bill needed to be reintroduced in the current session.
