Lummis reintroduces bill to boost US Bitcoin holdings #CriptoNews

Senator Cynthia Lummis has reintroduced the Bitcoin Act in the US Senate, aiming to authorise the government to purchase up to one million Bitcoin, which would represent about 5% of the total Bitcoin supply.

However, this move is part of an effort to strengthen the nation’s strategic reserves, with funding proposed through Federal Reserve earnings and new certificates for the Fed’s gold holdings.

The Treasury Secretary would oversee the acquisition and management of Bitcoin, with any new purchases held for at least 20 years and restrictions on selling more than 10% of the reserve every two years.

The Bitcoin Act reintroduction signals a continued push to incorporate Bitcoin into the US financial system. Lummis, a vocal advocate for Bitcoin, sees it as vital for America’s financial leadership in the 21st century.

The bill builds on President Trump’s Executive Order that established the Strategic Bitcoin Reserve, aiming to secure the nation’s digital assets while addressing the national debt.

In addition to federal efforts, Texas has introduced a bill proposing the acquisition of up to $250 million in Bitcoin and other cryptocurrencies, potentially making it the first state in the US to hold Bitcoin on its balance sheet.

These initiatives at both state and federal levels reflect a growing acceptance of Bitcoin as a legitimate financial asset.

For more information on these topics, visit diplomacy.edu.